Investment Committee Agenda - June 10, 2024

This committee reviews investment transactions, the investment performance of both internal and external managers, and establishes investment policy and strategy.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference.

June 10, 2024

View June 10, 2024 Investment Committee Open Session Meeting Transcript (PDF)

Open Session

8:45 a.m.
Or upon adjournment or Recess of the Board Closed Session – Whichever is later

1. Item
   1. Call to Order and Roll Call
   2. Executive Report Marcie Frost
   3. Action Consent Items Marcie Frost
      1. Approval of the June 10, 2024 Investment Committee Timed Agenda
      2. Approval of the March 18, 2024 Investment Committee Open Session Meeting Minutes
   4. Information Consent Items Marcie Frost
      1. Annual Calendar Review
      2. Draft Agenda for the September 16, 2024 Investment Committee Meeting
      3. Quarterly Update - Affiliates Performance and Risk
         1. Attachment 1 (PDF)
      4. Quarterly Update - Investment Controls
         1. Attachment 1 (PDF)
      5. Disclosure of Placement Agent Fees and Material Violations
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
         6. Attachment 6 (PDF)
   5. Information Agenda Items
      1. Trust-Level Review, Interim Quarter Michael Krimm, Lauren Rosborough Watt
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      2. Private Equity Annual Program Review Anton Orlich
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      3. Private Debt Annual Program Review Jean Hsu
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      4. Real Assets Annual Program Review Sarah Corr
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
      5. Implementation of Labor Principles Peter Cashion, Tamara Sells
         1. Attachment 1 (PDF)
   6. Action Agenda Items
      1. Asset Liability Management Mid-Cycle Review: Affiliate Funds Christine Reese
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      2. Total Fund Policy Review – Second Reading Amy Deming
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
         5. Attachment 5 (PDF)
      3. Policy Changes for Responsible Contractor Policy – Second Reading Sarah Corr, Tamara Sells
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
         4. Attachment 4 (PDF)
   7. Information Agenda Items
      1. Summary of Committee Direction Amy Deming
      2. Public Comment

Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16),(e))

1. Item
   1. Call to Order and Roll Call
   2. Action Consent Item Marcie Frost
      1. Approval of the March 18, 2024 Investment Committee Closed Session Meeting Minutes
   3. Information Consent Items Marcie Frost
      1. Closed Session Activity Reports
         1. Status of Action Items Not Yet Reported
      2. Disclosure of Placement Agent Fees
   4. Action Agenda Items
      1. Sustainable Investments 2030 Update, Global Public Equity Climate Strategy and Global Public Equity Climate Strategy Benchmark Peter Cashion; Simiso Nzima; Tom Toth, Wilshire Advisors; Ali Kazemi, Wilshire Advisors; Lauren Gellhaus, Wilshire Advisors
   5. Information Agenda Items
      1. Private Equity Program Strategy Anton Orlich
      2. Private Debt Program Strategy Jean Hsu
      3. Real Assets Program Strategy Sarah Corr
      4. Investment Pipeline and Activity Report
         1. Private Equity Anton Orlich
         2. Real Assets Sarah Corr
         3. Global Public Equity Simiso Nzima
         4. Global Fixed Income Arnie Phillips
         5. Private Debt Jean Hsu
         6. Total Fund Portfolio Management Sterling Gunn
         7. Sustainable Investing Peter Cashion
         8. Opportunistic/Other Daniel Booth
   6. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants

Open Session

Upon adjournment of Closed Session

1. Item
   8. Adjournment of Meeting