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Renewed agreement with Arrowstreet Capital LP as an MSCI ACWI Ex-U.S. international equity manager, one year, effective March 26, 2026.

Renewed agreement with Ariel Investments LLC as an MSCI ACWI Ex-U.S. international equity manager, one year, effective April 10, 2026.

Renewed agreement with ARGA Investment Management LP as an MSCI ACWI Ex-U.S. international equity manager, one year, effective May 16, 2026.

Renewed agreement with Arrowstreet Capital LP as a global equity manager benchmarked to the MSCI ACWI Index, one year, effective March 26, 2026.

Renewed agreement with Raith Capital Partners LLC as a real estate debt manager, one year, effective February 7, 2026.

Renewed agreement with Principal Real Estate Investors LLC to actively manage REIT/REOC securities, one year, effective February 11, 2026.

Renewed agreement with Cohen & Steers Capital Management Inc. to actively manage REIT/REOC securities, one year, effective February 12, 2026.

Renewed agreement with AEW Capital Management LP to actively manage REIT/REOC securities, one year, effective April 15, 2026.

Renewed agreement with BlackRock Financial Management Inc. to manage a portion of assets in commercial mortgage-backed securities (CMBS), one year, effective April 3, 2026.

Board authorized changing the high yield bonds policy benchmark from the ICE BofA BB-B U.S. High Yield Constrained Index to the ICE BofA U.S. High Yield Constrained Index, effective July 1, 2026.

Board authorized renewal of the contract with Callan LLC as the System's general investment consultant for one year, effective May 1, 2026.

Board authorized contracting with Callan LLC to serve as the System's secondary private equity and private debt consultant for one year, effective May 1, 2026 (a new consultant mandate).

Board authorized the Executive Director and CIO to contract with BlackRock Financial Management Inc. for a U.S. Broad Market High Yield Portfolio fixed income mandate benchmarked to the ICE BofA U.S. High Yield Constrained Index (HUC0), with initial funding of up to $200 million in one or more tranches.

Board reelected David P. Keefe as president and Nicholas Smirensky as vice president of the Retirement Board.

Investment Committee report-out: committed to a European private markets manager focused on healthcare and technology, and added a developed international markets manager as part of restructuring international equity to address concentration risk; also approved an enhanced index strategy and finalized contracts with several external managers under the Equity 2.0 project. Managers are not named in the minutes.

Investment Committee report-out (Dec 17 2025 / Jan 6 2026 IC meetings): the committee approved an increased allocation to an existing private fund manager from $60M to $75M. The manager is not named in the minutes.

The SIB approved updated Investment Policy Statements for six client funds (ND PERS, TFFR, City of Grand Forks Pension Plan, Park District of Grand Forks, City of Bismarck Police Pension Plan, City of Bismarck Employee Pension Plan), incorporating new asset allocations presented by NEPC and RIO, plus clarified derivatives language and new client-withdrawal guidance.

Investment Committee update reported an RFP for investment performance and benchmarking consulting services, with new contracts expected to begin July 1, 2026. Verus is the incumbent performance consultant; NEPC advises on asset allocation.

OPERF private equity at 25% vs a 20% target (as of 9/30/2025), within policy range; PE annual review presented with Aksia and Pathway Capital Management.

$15M Common School Fund commitment to TPG Partners X, L.P. (staff discretion, Dec 11, 2025), reported in OIC minutes.

$15M Common School Fund commitment to Francisco Partners VIII, L.P. (staff discretion, Dec 9, 2025), reported in OIC minutes.

RSIC staff closed a delegated commitment of $200M to Basalt Infrastructure Partners Fund V (real assets), reported in the Delegated Investment Report. RSIC commitment date January 29, 2026.

$200M commitment to Carlyle Global Infrastructure Opportunity Fund II.

$350M commitment to Cerberus Proper Partners.

Named CIO of Texas Municipal Retirement System.

$130M commitment to ERA Blade Continuation Fund.

$150M commitment to PIMCO Specialty Finance Income Fund.

$200M commitment to MW TOPS World Equities.

$600M commitment to LibreMax Structured Credit Fund.

The Commission approved the 2026 private market pacing plan (annual commitment budget across illiquid asset classes; staff works with consultant RVK on underwriting and pacing).

The Commission voted to place equity manager Champlain Investment Partners on the VPIC Watchlist (manager probation/heightened monitoring).

At the Jan 27 2026 Regular Meeting (minutes approved on the Feb 24 2026 consent agenda), the Commission unanimously approved a commitment of up to $25 million to the Siguler Guff Small Buyout Direct Opportunities (SBDO) Fund, pending successful completion of due diligence. VPIC's Recent Private Equity Commitments table lists 'Siguler Guff Small Buyout Direct Opportunities Fund I, January 2026, $25 million, 2026, Co-Investment'.

At the December 3, 2025 APERS Board meeting, on the in-house Investment Consultant RFQ (general investment consultant search; seven responses received by the November 21 deadline; evaluation committee of Borromeo, Shipp and Woods facilitated by Giles), Mr. Brady moved for the APERS Finance Committee to certify Callan LLC, Meketa Investment Group Incorporated, and RVK Incorporated as the three finalists; seconded by Mr. Wallace and approved. The same three firms were certified as finalists for AJRS. Staff to conduct interviews and present a recommendation to the full board. Incumbent consultant Aon (PJ Kelly of Aon Investments present).

Adopted a strategic shift to increase private-credit allocation by 5% while reducing real assets.

$100M commitment to Realty Income U.S. Core Plus Fund.

Appointed Investment Director for Sustainable Investment and Stewardship Strategies.

Board re-appointed Lisa R. Slagle to the citizen-member trustee position for a two-year term effective January 1, 2026, and elected 2026 officers: Brett Besselman (Chair), David O. Lantrip (Vice Chair), Lisa R. Slagle (Secretary).

Board re-elected its officer slate for a two-year term: Terrence Healy (Chairperson), Treasurer Michael Frerichs (Vice Chair), Justice Debra Walker (Recording Secretary), Comptroller Susana Mendoza (Member at Large).

Board approved the Strategic Partner pacing plan for the first half of calendar year 2026 (specific fund commitments handled in executive session under 5 ILCS 120/2(c)(7) and not itemized in open-session minutes).

Placed Baillie Gifford and others on watch; terminated legacy commodity mandates.

$1000M commitment to PIMCO CommoditiesPlus.

$1000M commitment to Parametric Gold.

IPERS Investment Board approved amendments to the asset allocation plan effective 1-1-26: eliminate the 5% Global Smart Beta sleeve and reallocate to more defensive classes. Total Growth Assets cut from 56% to 51% (Global Smart Beta 5.0%->0.0%); Public Credit raised 3.0%->6.0% (Total Credit 11%->14%); Core (Plus) Fixed Income 22.5%->24.5% (Total Defensive 23.5%->25.5%). U.S. Equity 21%, International Equity 13%, Private Equity 17%, Private Credit 8%, Private Real Assets 9.5% unchanged. Aim is to reduce growth-asset exposure and volatility.

$400M commitment to Multi-strategy private markets slate.

PRIM staff terminated the Wasatch global/public equity mandate during Q4 2025 due to long-term risk-adjusted underperformance, as reported at the February 10, 2026 Investment Committee meeting.

PRIM staff terminated the Baillie Gifford global/public equity mandate during Q4 2025 due to long-term risk-adjusted underperformance, as reported at the February 10, 2026 Investment Committee meeting.

PRIM staff terminated the Riverbridge global/public equity mandate during Q4 2025 due to long-term risk-adjusted underperformance, as reported in the Public Markets performance summary at the February 10, 2026 Investment Committee meeting.

SMRS committed $75M to ACCD 3 SMRS Co-Invest, LP (Abingworth), Real Return and Opportunistic, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

SMRS committed $100M to GCM Grosvenor Critical Infrastructure Solutions IV, LP (GCM Grosvenor), Infrastructure, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

SMRS committed $100M to Columbus Circle Holdings, LLC (Domain Capital Partners), Real estate, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.