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SMRS committed $35M to Accel Leaders 5, LP (Accel), Private equity, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

SMRS committed $50M to Ledge Light Holdings, LLC (Great Mountain Partners), Private equity, 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 Lead Edge Capital VII, LP (Lead Edge Capital), Private equity, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

SMRS committed $150M to Green Equity Investors X, LP (Leonard Green & Partners), Private equity, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

SMRS committed $150M to Alpina SMRS Hybrid, LP (LGT Capital Partners), International Equity, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

SMRS committed $300M to Alpina SMRS Hybrid, LP (LGT Capital Partners), Absolute Return, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

SMRS committed $500M to Apollo Asset-Backed Finance Fund, LP (Apollo Global Management), Absolute Return, reported in the New Commitments schedule (Oct 1 - Dec 31, 2025) at the March 25, 2026 State of Michigan Investment Board meeting.

Replaced by MFS on the $870M international equity portfolio.

Hired MFS for the $870M international equity portfolio, replacing Baillie Gifford.

$150M commitment to JP Morgan core infrastructure mandate.

$150M commitment to EQT core infrastructure mandate.

$150M commitment to Brookfield core infrastructure mandate.

$150M commitment to Blackstone core infrastructure mandate.

Committee unanimously voted to extend the proxy voting outsourcing agreement with ISS for a one-year term through December 31, 2026.

Committee unanimously voted to renew the trading cost analysis agreement with Abel Noser Solutions for a five-year term through December 31, 2030.

Committee unanimously voted to extend the real estate investment management (real estate consultant) agreement with The Townsend Group for a one-year term through December 31, 2026.

Committee unanimously voted to extend the NHRS general investment consultant agreement with Callan for a one-year term through December 31, 2026.

Independent Investment Committee unanimously voted to commit up to $100 million to the KKR Global Infrastructure Investors V fund, subject to contract and legal review.

Independent Investment Committee unanimously voted to commit $150 million to the BlackRock Private Equity Partners Co-Investment Program, subject to contract and legal review.

$300M commitment to Silver Rock Core Lending Strategy.

$300M commitment to Bell Partners Growth & Income Fund.

The Board approved engaging Hudepohl & Associates for executive search firm services for the SERS Executive Director succession.

The Board accepted Executive Director Richard Stensrud's December 12, 2025 resignation letter, effective June 30, 2026, with possible mutual extension to coordinate onboarding of a successor.

On the Investment Committee's recommendation (after board members visited the Asset Consulting Group and Mariner home offices in early December), the OPPRS Board voted unanimously to select Asset Consulting Group as the System's Investment Consultant. Total fund ~$3.60B as of 11/30/25.

$250M commitment to Value-add real estate strategies.

$400M commitment to HarbourVest co-investment vehicles.

Board approved a statement of work to hire a qualified independent consultant to conduct a board fiduciary review per SERS' Fiduciary Review Policy.

Board approved a commitment of up to $65M to BVIP Fund XII, L.P. within the Private Equity asset class; manager invests in tech-enabled business services and IT solutions.

SamCERA made a $10 million commitment to 400 Capital ABTF IV Annex Fund I, LP, in its opportunistic credit portfolio within the Growth category.

The Board of Retirement selected Meketa Investment Group as SamCERA's investment consultant and authorized the CEO to negotiate and execute an agreement with the firm.

RSIC staff closed a delegated commitment of $250M to Strategic Partners X (Blackstone secondaries), reported in the Delegated Investment Report covering investments closed Dec 11, 2025 to March 4, 2026. RSIC commitment date December 31, 2025.

At its December 17, 2025 meeting the SWIB Board adopted the 2026 asset allocation and active risk targets for the Core Trust Fund and Variable Trust Fund as recommended by the Investment Committee and asset allocation consultant NEPC. CTF changes: decrease public equities target by 2% (38% to 36%) with a matching 2% decrease in the policy leverage target (-12% to -10%); shift public fixed income to eliminate the 4% long Treasury allocation and increase U.S. Treasuries from 24% to 28% of public fixed income; and maintain the current private markets allocation, in line with the long-term pacing plan. VTF: implement an active risk target range of zero to 90 bps.

$69M commitment to Riverstone Iris Continuation Fund.

$125M commitment to Asana Partners Fund IV.

$350M commitment to Garda Fixed Income Relative Value Opportunities Fund.

$150M commitment to Lead Edge Capital Fund VII.

$300M commitment to Charlesbank XI.

Commitment to Blue Owl Real Estate Fund VII.

Commitment to KKR Global Infrastructure.

Commitment to Great Hill Partners fund.

Adopted a Total Portfolio Approach, replacing traditional asset allocation by July 2026.

$5000M commitment to New PC/PE vehicles (Ares, Sixth Street, Blackstone, Carlyle).

$2000M commitment to Lazard ACW ex-US Equity.

$2000M commitment to Columbia Threadneedle Global ex-US.

$2000M commitment to CC&L Q International Equity.

The Board directed staff to run a search for an independent actuarial firm to perform PERA's 2026 actuarial audit (mandated by SB25-028, recurring every four years), with a vendor recommendation to be brought to the March 2026 Board meeting. Actuarial-services RFP, not an investment-manager action.

Following an RFP and Investment Committee interviews of three firms on October 29, 2025, the Board hired Aon as the Board-appointed investment consultant for the Combined Investment Fund. Aon is the incumbent general investment consultant, retained through the competitive process.

Reappointed Aon as general investment consultant following a competitive review.

$500M commitment to Multiple EMD strategies.

$400M commitment to Bridgepoint Credit FSBA SMA.