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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.