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Commitment to Blackstone Voltron Co-Invest.

Commitment to Quantum Energy Partners IX-O.

Commitment to TA Investors Thunderbolt.

Commitment to Encore Consumer Capital Fund V.

Commitment to Thrive Capital Partners X.

Commitment to LGP Co-Invest.

$150M commitment to Ares Special Opportunities Fund III.

Trustee John M. Bennett advised that his VRS Board of Trustees term would expire at the end of February 2026.

Board adopted a commending resolution for The Honorable J. Brandon Bell II, whose VRS Board of Trustees term concluded in January 2026 after appointment in March 2016. Bell served as Chair of the Audit and Compliance Committee, Chair and Vice Chair of the Defined Contribution Plans Advisory Committee, and a member of the Investment Policy Committee.

CIO Andrew Junkin reported that Mercer has been hired to review benchmark and hurdle rates for Private Equity, Credit Strategies and Diversifying Strategies, as part of VRS's regular schedule of independent review. Reports to be presented to the Board in April 2026; any approved benchmark changes to be implemented no earlier than July 1, 2026.

Terminated a $236M Select Equity Cooper Square public equity mandate.

$250M commitment to ACORE Credit Partners III.

$300M commitment to Leonard Green X.

Board considered the Private Markets Committee (Feb 5, 2026) recommendation to invest up to $100M in the open-ended fund managed by Public Pension Capital, LLC - WSIB's first investment in PPC.

WRS will initiate an RFP for the 457 Deferred Compensation Plan record-keeper contract, which expires April 2027. The Deferred Compensation Manager (Jessica Abbott) reported the RFP target completion is late spring / early summer 2026. Empower is the incumbent record-keeper.

In the WRS 457 Deferred Compensation Plan, Nuveen was hired to replace Diamond Hill and T. Rowe Price in the small-mid cap option, following approved Deferred Compensation Committee recommendations. DC consultant RVK.

In the WRS 457 Deferred Compensation Plan, following approved Deferred Compensation Committee recommendations, T. Rowe Price (and Diamond Hill) are being replaced by Nuveen in the small-mid cap option. DC consultant RVK.

In the WRS 457 Deferred Compensation Plan, following approved Deferred Compensation Committee recommendations, Diamond Hill (and T. Rowe Price) are being replaced by Nuveen in the small-mid cap option. DC consultant RVK (Beau Burggraff / Eric Painting); total 457 plan assets approximately $1.26 billion.

Executive Director David Swindell announced his retirement from WRS during the February 18-19, 2026 board meeting. The Governance Committee (chair John Lummis) reported the Executive Director search process is underway, with further discussion held in executive session. CIO Sam Masoudi continues to lead investments.

2026 pacing: $800M to infrastructure and natural resources.

2026 pacing: $1.15B to real estate.

2026 pacing: $2.75B to private credit.

2026 pacing: $2.75B to private equity.

Expanded emerging manager platform: up to $400M programs for real estate and real assets.

$50M commitment to Partners Group real estate co-investment.

$150M commitment to Dragoneer Opportunities Fund VII.

$25M commitment to Galvanize Real Estate Fund I.

$100M commitment to HG Saturn 4.

$125M commitment to Great Hill Equity Partners IX.

2026 pacing plan: $300M to real assets.

2026 pacing plan: $300M to real estate.

2026 pacing plan: $500M to private credit.

2026 pacing plan: $3.0B to private equity.

In the Director's Report, Director Shoaib Khan notified the Council of an investigation regarding existing fund holdings MBK Partners IV, L.P. and MBK Partners V, L.P.

Division presented an investment of up to $150 million in Ardian Secondaries Fund (ASF) IX Infrastructure B, L.P. and a related co-investment vehicle, primarily targeting LP-led secondaries in private markets infrastructure, with limited exposure to GP-led secondaries, primaries and co-investments.

Division presented an investment of up to $250 million in a Golub Capital co-investment vehicle related to the separate account, focused on first-out senior secured floating rate loans directly originated by Golub Capital.

Division presented an investment of up to $350 million in a Golub Capital separate account focused on first-out senior secured floating rate loans directly originated by Golub Capital.

Division presented an investment of up to $150 million in Wind Point Partners XI-A, L.P., pursuing control-oriented investments in North America middle market companies within the business services, consumer products, and industrial product sectors.

Division presented an investment of up to $100 million in Gridiron Capital Fund VI, L.P., pursuing control-oriented investments in consumer products, consumer services, business services, and industrial growth sectors. IPC reviewed due diligence and recommended presentation to the full Council.

Appointed interim CIO at NYC Comptroller's Office.

Terminated a $2.6B Goldman Sachs public equity mandate.

$300M commitment to Artemis Real Estate Partners Healthcare Fund III.

$300M commitment to NYSCRF NB Co-Investment Fund III.

$700M commitment to Schroder International Equity Alpha.

$700M commitment to Earnest Partners International Equity.

Renewed agreement with The Bank of New York Mellon as agency securities lender for a portion of the System's public securities assets, one year, effective March 17, 2026.

Renewed agreement with PGIM Inc. as an active U.S. high-yield manager benchmarked to the Bloomberg U.S. High Yield 1% Issuer Capped Index, one year, effective February 21, 2026.

Renewed agreement with J.P. Morgan Investment Management Inc. as an active U.S. high-yield manager benchmarked to the ICE BofAML BB-B U.S. High Yield Constrained Index (HUC4), one year, effective March 5, 2026.

Renewed agreement with Xponance Inc. as an MSCI ACWI Ex-U.S. international equity manager, one year, effective April 25, 2026.

Renewed agreement with RhumbLine Advisers LP as an MSCI ACWI Ex-U.S. international equity manager, one year, effective March 30, 2026.