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Certified trustee election results: Allie Gassmann won the open PEERS seat and Amanda Perschall won the open PSRS seat, both for terms running July 1, 2026 through June 30, 2030.

The Board elected Beth Knes as Chair and Dr. Eric Park as Vice-Chair for July 1, 2026 through June 30, 2027.

The Board unanimously approved Investment Policy changes implementing the new asset allocation adopted in February 2026, including permitting 3% asset allocation leverage, plus clarifications to the Public Risk Asset Implementation Manual and the Personal Trading Policy. CIO Craig Husting; general consultant Russell Investments.

Hired Federated Hermes Core Plus Bond for an ~$2B mandate (over Loomis Sayles and Reams).

$125M commitment to US Industrial Club VII.

$400M commitment to Townsend NJ Real Estate.

$400M commitment to Blue Torch Credit Opportunities NJDOI Fund.

$600M commitment to Lexington Global Feeder NJ.

Named Monte Tarbox permanent CIO; launched a $4B NYC Housing Investment Initiative.

$220M commitment to Aermont Capital RE Fund VI.

$200M commitment to JFL Equity Investors VII.

$200M commitment to Manulife|Comvest Specialty Lending Fund I.

$200M commitment to Manulife Comvest Credit Opp Fund II.

Approved new strategic asset allocation effective Jul 1, 2026 (repositioning into private markets/infra/credit).

Board agenda Item 16 authorizes the CEO to execute a contract with Crowe LLP for independent financial statement audit services for a five-year term, not to exceed $390,000, as recommended by the Audit Committee. This is the financial-statement auditor, not an investment consultant. SCERS investment manager and commitment actions are handled in closed session (Item 22, purchase/sale of pension fund investments) and are not itemized in the open-session agenda.

Appointed Paul Okada CEO, succeeding Scott Hood.

Compensation Committee (Chair Kelly Meiners) reviewed its April 8, 2026 recommendation to the LRC Executive Board on the State Investment Officer's FY27 compensation; the recommendation passed at the April 14, 2026 LRC Executive Board meeting. State Investment Officer is Matt Clark. Chair of the Council is Steve Pietila.

SDIC reported completed acceptance of commitments totaling $150 million to Starwood Fund XIII across managed funds: South Dakota Retirement System (SDRS) $135.5M, Dakota Cement Trust (DCT) $2.5M, Education Enhancement Trust (EET) $6.2M, Healthcare Trust (HCT) $2.0M, and School & Public Lands (SPL) $3.8M.

On the recommendation of SURS staff and consultant Meketa, the Investment Committee voted (open session) to terminate Xponance Asset Management as a Global Equity manager and liquidate the SURS assets, with timing determined by Investment Staff.

On the recommendation of SURS staff and consultant Meketa, the Investment Committee voted (open session) to terminate Longtail Capital as a Systematic Trend Following manager and liquidate the SURS assets, with timing determined by Investment Staff.

CIO of Private Markets & Funds Anne-Marie Fink announced retirement.

At the April 30-May 1, 2026 board meeting, the Governance Committee and Trustees approved an amendment to the Investment Policy Statement allowing a 2% increase in the maximum amount that can be invested with any single external manager. Rationale cited growth through strong investment performance and changes to TRS' Strategic Asset Allocation that have put more capital to work.

2026 pacing plan: $1B to real assets.

2026 pacing plan: $1.75B to private equity.

2026 pacing plan: $2B to private credit.

$100M commitment to Stonepeak Opportunities Fund II.

$300M commitment to BlackRock Global Allocation.

$300M commitment to Quad-C XI.

$300M commitment to Ares SSG Capital Partners VII.

$500M commitment to BlackRock 32 Capital.

$750M commitment to Barings Portfolio Finance.

$200M commitment to Spark Capital IX & Growth VI.

$300M commitment to Monarch Capital Partners VII.

$400M commitment to General Catalyst (two venture funds).

$900M commitment to Evergreen Park Investment Fund (co-investment).

At the March 31, 2026 Special Investment Meeting, on the recommendation of the Investment Officer and consultant Marquette Associates, Trustee Canning moved to approve a $20 million allocation to Assured Healthcare Partners Fund III, subject to successful contract negotiations. Seconded by Trustee Belsky; carried unanimously. Approved in the same motion as a $15M allocation to 5th Century Partners Fund II.

At the March 31, 2026 Special Investment Meeting, on the recommendation of the Investment Officer and consultant Marquette Associates, Trustee Canning moved to approve a $15 million allocation to 5th Century Partners Fund II, subject to successful contract negotiations. Seconded by Trustee Belsky; carried unanimously. Approved in the same motion as a $20M allocation to Assured Healthcare Partners Fund III.

At a March 31, 2026 Special Investment Meeting, after finalist presentations for the Private Equity Investment Manager RFP (held in closed session) and on the recommendation of the Investment Office and consultant Marquette Associates, Trustee Canning moved to approve a $15 million allocation to Mesirow Private Equity Co-Investment Fund IX, subject to successful contract negotiations. Seconded by Trustee Belsky; carried unanimously.

The April 14, 2026 minutes record that Orbis US documentation was approved at the March 17, 2026 Committee meeting; the first $200M of TRP Account proceeds are to be invested pending completion of that Orbis US documentation. (March 17, 2026 minutes PDF was not machine-readable this run; hire is captured from the April 14, 2026 minutes' verbatim reference.)

Michael Bethea certified as the elected Active DCPS Teacher representative (new trustee). Mayor reappointed public members Joseph Clark (term to 1/27/2030) and Tracy Harris (to 1/27/2027) and appointed Chester McPherson (to 1/27/2028) per Mayor's Order 2026-023. Board officers elected: Danny Gregg (Chair), Joseph Bress (Vice-Chair/Secretary), Tracy Harris (Treasurer/Audit Committee Chair).

Board ratified Investment Committee Motion #4: approved a commitment of up to $100 million to a private credit fund (anonymized as 'Fund AP' in the public minutes), pending legal review and final due diligence. Manager name withheld in the public record.

Board ratified Investment Committee Motion #3: approved an initial investment of up to $750 million to a public equity fund (anonymized as 'Fund AO' in the public minutes), pending legal review and final due diligence. Manager name withheld in the public record.

In the Executive Director's report, DCRB disclosed it closed a EUR 100 million re-up commitment to CapVest Equity Partners VI, a private equity fund, on February 10, 2026. EUR amount converted at ~1.08 = ~$108M.

Trustee Bennett Yap, former Board Vice Chair, retired effective March 1, 2026, creating a General Trustee vacancy; the Board discussed filling it by election or by nomination and appointment.

The Board elected Trustee Dr. Genevieve Ley as Board Vice Chair, filling the seat vacated by former Vice Chair Bennett Yap who retired effective March 1, 2026. Chair Barfield was assigned to the Administrative & Audit Committee and Trustee Kane to the Human Resources Committee.

Board approved a commitment of up to $150M to Heitman America Real Estate Trust, L.P. (Heitman), Real estate, pending final legal review.

Board approved a commitment of up to $135M to Quad-C Partners XI, L.P. (Quad-C Management), Private equity, pending final legal review.

Board approved a commitment of up to $135M to Towerbrook Investors VII (Onshore), I.L.P. (TowerBrook Capital Partners), Private equity, pending final legal review.

Board authorized the Executive Director to appoint a Procurement Negotiating Committee to conduct a competitive RFP for general investment consulting services (incumbent: Meketa Investment Group).

Following the CERS Investment Cost Efficiency Services RFP (finalists XTP Implementation Services, bFinance, Albourne America LLC), KPPA Investment Staff recommended the CERS Board authorize hiring Albourne America LLC to perform Validation of Fees and Expenses services, pending successful contract negotiations. Presented at the March 25, 2026 CERS Investment Committee special meeting for committee action; Board ratification required.