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ARMB directed staff to pursue a sole source procurement with KPMG to perform the SWIFT Assessment for calendar year 2026, with up to two optional one-year extensions, total contract not to exceed $150,000. A Notice of Intent to Award was issued June 10, 2026 with a protest period ending June 22, 2026.

ARMB directed staff to continue developing the private credit portfolio and engage Callan to execute a search process, delegating to the Chief Investment Officer the authority to contract and commit with one private credit manager for up to $50 million. The commitment will be reported back to the Board.

ARMB directed staff to continue developing the private credit portfolio and delegated to the Chief Investment Officer the authority to contract and commit with one private credit manager for up to $100 million. The commitment will be reported back to the Board. Manager not yet named.

ARMB adopted Resolutions 2026-03 and 2026-04, approving the asset allocations for fiscal year 2027.

Terminated a small-cap value equity manager.

Trimmed private-equity target amid compressed returns and liquidity pressure (reported among several systems).

$370M commitment to Y Combinator 2026.

$400M commitment to Greystar Global Strategic Partners II.

$400M commitment to Bain Capital Asia Fund VI.

$544M commitment to Northleaf Canadian Mid-Market PE.

$725M commitment to Dream Industrial JV.

$1000M commitment to Blackstone Private Credit Fund.

$1300M commitment to Japan DC Partners I LP.

$1500M commitment to Blackstone Credit SMA.

Full implementation of Total Portfolio Approach scheduled for July 2026.

Retained its investment consultant.

Named Belay, Kah and Caro Capital real-estate manager finalists; staff recommended up to $25M each to Longpoint Fund I and Newport Capital Fund IV.

Reissued RFP for general investment consulting; proposals due Jun 4, 2026 after board voted against staff-recommended Cerity Partners.

Treasurer committed up to $150M additional capital to AxInfra NA II, LP (infrastructure and natural resources).

Treasurer committed up to $200M to Smart Markets Fund, L.P. (real estate). Sponsor/manager not named in the release.

Treasurer committed up to $250M to JFL Credit Opportunities Fund II, L.P. (private credit).

Treasurer committed up to $175M to CRPTF-Hamilton Lane Credit Sidecar, L.P. (private credit sidecar/co-investment).

Treasurer committed up to $175M to Hamilton Lane Credit Income Private Fund LP (private credit).

Treasurer committed up to $300M to JFL Equity Investors VII, LP (private equity).

Treasurer committed up to €70M (approx $76M at ~1.08 EUR/USD) to Inflexion CT Co-Investment Limited Partnership (private equity co-investment). Amount stated in euros in the release.

Treasurer committed up to €150M (approx $162M at ~1.08 EUR/USD) to Inflexion Buyout Fund VII Limited Partnership (private equity). Amount stated in euros in the release.

Treasurer committed up to $200M to LLCP Lower Middle Market Fund IV, L.P. (private equity), announced at the May 2026 IAC meeting.

Approved a $2.75B private-credit commitment program for 2026.

$150M commitment to Lion Industrial Trust.

$176M commitment to Verdane Edda IV.

$250M commitment to Artemis Real Estate Partners Fund V.

$300M commitment to Sixth Street TAO 6.0.

$300M commitment to WCAS XV.

Staff provided an update on the Actuarial Services Request for Proposal and the Board provided direction on the selection process (no motion). Segal is the incumbent actuarial firm; the January 1, 2026 actuarial valuation report was approved at the same meeting.

Board declared Matt Shomer the Fire Fighter Trustee to serve a three-year term effective September 1, 2026 (Mr. Shomer recused). All trustee candidates (Matt Shomer, Ken Haben, Michael Taglienti) were deemed to meet Section 3.01(b-1) qualifications. Motions by Mr. Idoux; unanimously approved.

Board authorized the Executive Director, subject to legal review, to commit approximately $4 million to Agility IV (a Francisco Partners private equity buyout fund), part of a $15 million combined Francisco Partners commitment. Albourne advised. Motion by Mr. Tull, seconded by Mr. Shomer; unanimously approved.

Board authorized the Executive Director, subject to legal review, to commit approximately $11 million to Francisco Partners Fund VIII (private equity buyout), part of a $15 million combined Francisco Partners commitment. Albourne advised on the buyout search. Motion by Mr. Tull, seconded by Mr. Shomer; unanimously approved.

$150M commitment to CBRE Asia Value Partners 7.

$150M commitment to Sunrise Credit Partners.

$250M commitment to Apalachee Partners Strategic HY.

$250M commitment to Apalachee Partners US Dynamic HY.

$400M commitment to Red Hills Co-Invest Partners.

Cut a longtime international equity manager after the strategy was closed.

Revised allocation effective Jul 1, 2026: real assets to 8%, real estate to 12%; ~$550M still to deploy in real assets this year.

Placed on probation following personnel changes.

Placed on probation following personnel changes.

Longtime CIO Rodney June to retire in July after 13 years; assets grew from $10.6B to $23B+.

Adopted 2026 real-estate pacing plan: up to $100M core / $200M non-core.

Trimmed private-equity target amid compressed returns and liquidity pressure (reported among several systems).

New SAA targeting Jul 1, 2026: 55% Growth/Equity, 15% Real Assets, 12% Credit, 18% Rate Sensitive, up to 5% opportunistic. Hamilton Lane flagged PE overallocation.