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$400M commitment to Ardian European Private Credit Strategies II.
Investment Committee approved a change to the Investment Policy Statement revising the Strategic Asset Allocation benchmarks for Private Equity, Private Debt, and Real Estate.
Investment Committee authorized the CIO to commit up to $30 million to EQT BPEA Private Equity Fund IX, SCSp (BPEA IX), an Asia-focused closed-end partnership managed by EQT Group, pending final diligence and contract negotiations.
Investment Committee authorized the CIO to commit up to US $60 million to Green Equity Investors X, L.P. (Leonard Green & Partners), a closed-end private equity partnership, pending final diligence and negotiations.
Placed seven investment managers on watch.
KRS Investment Committee voted to terminate Shenkman Capital as bank loan manager for the KERS and SPRS portfolios, replacing it with Oaktree Capital Management (specialty credit allocation). The negotiated Oaktree fee is over 10 bps lower than Shenkman's. Motion by Mr. Lane; passed unanimously.
KRS Investment Committee approved KPPA staff's and Wilshire's recommendation to hire Oaktree Capital Management to replace Shenkman Capital as the bank loan manager for the KERS and SPRS portfolios (specialty credit allocation, up to 25% to Oaktree, separate account), subject to contract negotiations. Motion by Mr. Lane, seconded by Mr. Adkins; passed unanimously on roll call. IC action is not binding and forwarded favorably to the full Board.
CERS Investment Committee adopted an Investment Policy Statement amendment adding Section E, a narrow expedited-disposition process for private equity fund extensions only when three conditions are met (no new funds requested; fees lower than current; CIO obtains written authorization from two of three leaders). Co-investments and continuation vehicles never qualify and require full Board approval. Motion by Mr. Cheatham; passed unanimously.
CERS Investment Committee adopted a neutralizing approach for benchmarking private equity, replacing the public-equity-plus-300-bps benchmark: actual time-weighted private equity performance serves as the benchmark where it rolls up to the total fund, while PE is evaluated using dollar-weighted IRR versus a dollar-weighted Public Market Equivalent (PME) reported quarterly. Motion by Mr. Cheatham, seconded by Mr. Fulkerson; passed unanimously (requires full Board approval).
CERS Investment Committee voted to terminate Shenkman Capital as the bank loan (specialty credit) manager for all CERS portfolios, replacing it with Oaktree Capital Management via in-kind asset transfers and cash, maintaining exposure throughout the transition (one-to-one replacement, target allocation 20%, range 16-24%). Motion by Mr. McGraw; passed unanimously.
CERS Investment Committee approved KPPA Investment Staff's and Wilshire's recommendation to hire Oaktree Capital Management to replace Shenkman Capital as manager of the bank loan mandate for all CERS portfolios within the specialty credit allocation (up to 20% of each portfolio, separate account, no change to overall asset-class exposure), subject to contract negotiations. Motion by Mr. McGraw, seconded by Mr. Cheatham; passed unanimously. IC action is not binding and must be ratified by the full Board.
Appointed CIO effective January 2026.
Proposed FY2026 changes: reduce public equity and leverage exposure; eliminate long-duration Treasuries.
Approved $725M in commitments across private equity and real estate.
Allocated $250M to Lingotto Global Equity; trimmed Baillie Gifford and T. Rowe Price.
At the October 9, 2025 FPPA Board of Directors meeting, following the Investment Committee report from the October 8, 2025 IC meeting (Investment Committee Chair Karen Frame), Vice Chair Clayton moved and the Board adopted the proposed modifications to the Investment Policy Statement (Tab 6.1.1) as amended; motion passed. General investment consultant: Cambridge Associates (Brian McDonnell). Specific private-market commitments and manager terminations are made by the Investment Committee under delegated authority and are not itemized in the board minutes.
Following the resignation of former Trustee David Miller, the Board approved updates to the FY2025-FY2026 standing committee and working group assignments to fill the resulting vacancies. Investment Committee leadership: Matt Hunt (President) as Chair and Marsha Byas as Vice Chair, with all Trustees serving on the Investment Committee. Stan Rupnik continues as Executive Director & Chief Investment Officer.
On the Investment Committee's recommendation, the Board approved the fiscal year 2026 Global Income Strategies Review Plan as presented. The plan sets the annual review framework and proposed recommendations for the TRS global income (fixed income / credit) portfolio. General investment consultant RVK Inc. supports the program.
On the Investment Committee's recommendation (committee met October 23, 2025), the Board approved the fiscal year 2026 Private Debt & Private Credit Tactical Plan as presented. The plan, presented by TRS Global Income Strategies staff with private debt consultant Aksia, covers a review of FY2025 initiatives, FY2026 initiatives, fee analysis, and pacing for the private debt / private credit program. Individual fund commitments are executed by staff and approved in executive session under 5 ILCS 120/2(c)(7); the public minutes record the pacing/tactical plan, not named fund commitments.
CIO Scott Davis reported on INPRS's Hong Kong divestment during the September 30, 2025 investment update presented with Verus. Reported as a portfolio action; no dollar amount stated in the minutes.
During the Verus investment update, the Board approved an Investment Policy Statement change to the defined-contribution (My Choice / DC plan) benchmark.
Outlined a $2.35B private markets investment plan.
$400M commitment to Advent International GPE XI.
Board adopted a new Investment Policy Statement incorporating the SBI's 2025 Asset Allocation Study for the Combined Funds, with recommended changes to the portfolio. Aon Investments, Meketa Investment Group, and Albourne America served as consultants on the study.
Board authorized commitment of up to $200M to Wind Point Partners XI, on IAC and staff recommendation.
Board authorized commitment of up to $150M to TPG Partners X, L.P., on IAC and staff recommendation.
Board authorized commitment of up to $150M to TA Realty Value-Add Fund XIV, L.P., on IAC and staff recommendation.
Board authorized commitment of up to $250M to Permira IX, on IAC and staff recommendation.
Board authorized commitment of up to $150M to Nordic Capital XII, on IAC and staff recommendation.
Board authorized commitment of up to $125M to Merit Capital Fund VIII, L.P., on IAC and staff recommendation.
Board authorized commitment of up to $250M to ECP VI, L.P. (Energy Capital Partners), on IAC and staff recommendation.
Board authorized commitment of up to $200M to Bridgepoint Europe VIII, on IAC and staff recommendation.
Board authorized commitment of up to $250M to Strategic Partners X (Blackstone secondaries), on IAC and staff recommendation.
Board authorized commitment of up to $300M to Blackstone Supplemental Account - M, L.P., on IAC and staff recommendation.
Board authorized commitment of up to $150M to Advent International GPE XI SCSP, on IAC and staff recommendation.
$250M commitment to Permira IX.
$300M commitment to Blackstone Strategic Partners X.
$200M commitment to OHA CLO Equity Fund III.
$250M commitment to Kayne Anderson Real Estate Partners VII.
$500M commitment to William Blair Emerging Markets.
Appointed Managing Director of Public Equities.
Concurrent with the $15M Crescent Credit Solutions Fund IX (Senior-Only Sleeve) commitment, the Investment Committee approved a $15M investment into a CCS IX (Senior-Only Sleeve) co-investment side car vehicle. Motion by Mr. Dutchie, seconded by Ms. Greene-Jones; carried unanimously on a roll call vote.
Deputy CIO Bernard Buckley presented the Staff report on Crescent Capital Group. Staff and Marquette recommended a $15M commitment to Crescent Credit Solutions Fund IX (Senior-Only Sleeve), following a presentation by Crescent (Erik Hall and Joe Kaufman). Motion by Mr. Dutchie, seconded by Ms. Greene-Jones; carried unanimously on a roll call vote.
Concurrent with the $25M Estancia Capital Partners Fund III commitment, the Investment Committee approved a $25M investment into the Estancia III Co-Investment Side Car Vehicle for the Board's Private Markets portfolio. Motion by Mr. Coughlin, seconded by Mr. Dutchie; carried unanimously on a roll call vote.
At the October 23, 2025 Investment Committee meeting, Senior Investment Officer Abdel-Aziz Ibrahim and Investment Staff recommended a $25M investment in Estancia Capital Partners Fund III for the Board's Private Markets portfolio, following a presentation by Estancia (Martie D'Apice and Takashi Moriuchi). Motion by Mr. Coughlin, seconded by Mr. Dutchie; carried unanimously on a roll call vote. General/private-markets consultant: Marquette Associates. CIO Christopher DiFusco.
Set a $550M real assets pacing plan for 2026.
Set a $1.1B private equity pacing plan for 2026.
Officially named CIO after serving in an interim capacity.
$75M commitment to Verto Logistics JVCo.
$100M commitment to Sage Equity Investors.