Signal explorer

Board approved the appointments of Sonali Dalal and Kelsey Deshler to the Investment Advisory Council (IAC) to fill vacancies, with terms expiring January 2028.

2026 pacing plan: $300M to real assets.

2026 pacing plan: $300M to real estate.

2026 pacing plan: $500M to private credit.

2026 pacing plan: $3.0B to private equity.

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.