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Transitioned $598M in large-cap value equities to Great Lakes Advisors.

Following an RFP for custodial banking services run by the Finance and Investments teams, the Board in July 2025 approved renewing the custodial banking services contract with Northern Trust.

Board ratified Investment Committee Motion #4: approved a commitment of up to $100 million to a private natural resources fund (anonymized as 'Fund AK' 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 a commitment of up to $100 million to a private equity fund (anonymized as 'Fund AJ' 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 an investment of $100 million in I Squared Global Infrastructure Fund IV, a manager focused on private investments in global infrastructure, since the prior board meeting.

Commitment to Chicago Pacific Founders IV.

Commitment to TA Realty Value-Add Fund XIV.

Commitment to Artemis Real Estate Healthcare Fund III.

Commitment to Newport Capital Partners Fund IV.

Commitment to Lena Specialty Grocer Fund III.

Extended SMID-cap equity contracts through August 2026.

$100M commitment to ICG Europe Fund IX.

$100M commitment to J.P. Morgan Infrastructure Investments Fund.

NMERB Investment Committee approved an $80M commitment to ArrowMark CRE Structured Finance Fund II on September 11, 2025 within the Fund's Real Estate allocation. No placement agent used.

NMERB Investment Committee approved a $100M commitment to Edgewood Partners V on September 11, 2025 within the Fund's Real Estate and Real Assets allocation. No placement agent used.

Reviewed fixed income structure (underweight 18.1% vs 25% target); plans to reassess core bond mandates.

Terminated PGIM Fixed Income from its emerging markets debt allocation.

At the September 11, 2025 board meeting, CIO Casey Wolf presented recommended updates to the investment policy concerning due diligence required for private market investment vehicles. The Board approved the amendment (Trustees Williamson, Taylor and Keister voting no; motion carried). TCDRS manages assets with NEPC (general consultant) and Albourne (private markets); individual external fund commitments are delegated to staff and are NOT itemized in board minutes.

Raised private-equity pacing to $700M annually.

Announced a CIO transition.

Approved new pacing plans across PE, VC, credit, and infrastructure.

Board elected Neika Clark as Chair and Pat Frost as Vice Chair of the Board of Trustees for a one-year term beginning September 1, 2025. Brian Barth was certified as winner of the 2025 Board election (term Sept 1, 2025-Aug 31, 2031).

CIO David Veal recognized Bob Sessa, Managing Director of Real Assets, who is retiring after more than 25 years of service; the recruitment process for his replacement is underway.

The ERS Asset Class Investment Committee (ACIC) approved a $100M commitment to All Seas Capital II to continue the European direct-origination private credit strategy used in All Seas Capital I (commitment made since 12/31/2024, disclosed in the FY2026 Private Credit Capital Plan).

Board approved the FY2026 Private Credit Capital Plan with a target commitment of $400M (range $300M-$500M) toward a 3% Trust target; tactical plan of 2-4 new primary fund commitments focused on direct origination, asset-based lending and opportunistic. Total FY2026 private-market commitment budget across PE/RE/Infra/Credit is $1.95B (range $1.525B-$2.325B).

Board approved the FY2026 Private Infrastructure Capital Plan with a target commitment of $300M (range $225M-$375M) toward a 5% Trust target; tactical plan of 4-9 commitments with opportunistic core, U.S. and emerging-markets exposure.

Board approved the FY2026 Private Real Estate Capital Plan with a target commitment of $450M (range $350M-$550M) toward a 9% Trust target; expects 7-13 new commitments with emphasis on industrial and residential/niche sectors. PRE asset-class consultant is Aksia.

Board approved the FY2026 Private Equity Capital Plan with a target commitment of $800M (range $600M-$1,000M) toward a 16% Trust target; tactical plan of 7-15 new primary fund commitments plus 8-12 co-investments, emphasizing buyout and growth equity in healthcare, technology and energy. PE asset-class consultant is Aksia.

As part of the FY2026 IPS, the Board adopted a custom Bloomberg global public equity index as the Global Public Equity benchmark, replacing the MSCI All Country World IMI. The change removes companies in jurisdictions designated as foreign adversaries (consistent with Texas SB 667 and HB 34) and excludes impractical small-cap IMI names, while reducing index data costs.

Board adopted the FY2026 Investment Policy Statement, including Option 4B, which eliminates the 3% Public Real Estate target allocation and reallocates it 1% to Public Equity, 1% to Private Real Estate, and 1% to Private Infrastructure. The IAC voted unanimously to recommend 4B and the Board approved it.

$700M commitment to Ares Senior Direct Lending Fund IV.

$800M commitment to Real Estate Co-Investments.

$1300M commitment to Ares Pathfinder II.

The Board approved that the defined-contribution investment offerings for the new Tier 5 retirement plan mirror the current Mississippi Deferred Compensation Plan lineup, as recommended by staff.

The Board added T. Rowe Price International Growth Trust to the Mississippi Deferred Compensation (DC) Watchlist because its rolling five-year relative performance lagged the benchmark. Recommended by the Defined Contribution Committee (chair Rutledge); DC consultant Callan.

The Board approved initiating a search to replace Baillie Gifford ACWI ex-US All Cap after its rolling three-year relative performance lagged the benchmark peer group, and separately approved search criteria for an ACWI ex-US Growth Equity manager to replace Baillie Gifford for a $750 million allocation, benchmarked to the MSCI ACWI ex-US IMI and the Callan Non-US Equity peer group. Consultant Callan.

On the Investment Committee's recommendation (chair McCoy), the Board approved a $75 million commitment to TA Realty Fund XIV (value-add real estate). PERS is a returning investor to TA Realty value-add funds; participating in the initial closing period ending in October qualifies it for multiple fee-reduction incentives. CIO Charles Nielsen; general investment consultant Callan. (Minutes spell the manager 'TA Reality'.)

NMERB Investment Committee approved a $100M commitment to Blackstone EUR Senior Direct Lending (BXDE) on August 14, 2025 within the Fund's Opportunistic Credit allocation. No placement agent used.

NMERB Investment Committee approved renewal of the Brookfield U.S. Real Estate Securities Value Income Strategy for an additional two-year term on August 14, 2025 within the Real Estate allocation.

NMERB Investment Committee approved a $40M commitment to OrbiMed Private Investments Fund X on August 14, 2025 within the Fund's Private Equity allocation (healthcare/life sciences). No placement agent used.

$100M commitment to Lightspeed Venture Partners XV.

$300M commitment to Global Infrastructure Partners V.

$300M commitment to TPG Rise Climate Fund II.

NCIA Board reviewed the three-phase transition to establish the North Carolina Investment Authority: Phase I through Dec 31, 2025 (board approval of investment policies, risk/operating budgets, custodian appointments, comp plans); Phase II Jan 1 - Jun 30, 2026 (NCIA assumes responsibility for investing the asset pools from the Department of State Treasurer); Phase III from Jul 1, 2026 (shared services including IT).

NCIA Board appointed General Counsel Benjamin Garner as Interim Secretary, to serve through December 31, 2025.

At the inaugural NCIA Board meeting, the Treasurer nominated Kevin SigRist (current CIO and Deputy Treasurer of the IMD) as Interim CIO for the North Carolina Investment Authority; approved to serve through December 31, 2025. Part of the 2025 State Investment Modernization Act transition that moves NCRS asset management to the new NCIA.

Investment Committee unanimously approved the 2026 private equity pacing plan of $750 million in commitments (presented by staff with Aksia).

Investment Committee unanimously approved private markets benchmark changes from the Cambridge suite to MSCI: Private Equity from Cambridge PE Index (1Q lag) to MSCI Global PE (1Q lag); Infrastructure from Cambridge Infrastructure to MSCI Global Infrastructure (1Q lag); Natural Resources from Cambridge US PE Energy to MSCI Global Natural Resources (1Q lag). Meketa recommended.

$300M commitment to Lexington Partners X.

$300M commitment to HPS Strategic Investment Partners VI.