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IPERS Investment Board approved amendments to the asset allocation plan effective 1-1-26: eliminate the 5% Global Smart Beta sleeve and reallocate to more defensive classes. Total Growth Assets cut from 56% to 51% (Global Smart Beta 5.0%->0.0%); Public Credit raised 3.0%->6.0% (Total Credit 11%->14%); Core (Plus) Fixed Income 22.5%->24.5% (Total Defensive 23.5%->25.5%). U.S. Equity 21%, International Equity 13%, Private Equity 17%, Private Credit 8%, Private Real Assets 9.5% unchanged. Aim is to reduce growth-asset exposure and volatility.

Outlined a $2.35B private markets investment plan.