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Full implementation of Total Portfolio Approach scheduled for July 2026.

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.

Named a new Managing Director of Private Debt.

$1200M commitment to Private credit commitments.

$1200M commitment to OHA Senior Lending.

$500M commitment to KKR Global Infrastructure Investors V.

$400M commitment to Veritas Capital Fund IX.