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Investment Committee report-out: committed to a European private markets manager focused on healthcare and technology, and added a developed international markets manager as part of restructuring international equity to address concentration risk; also approved an enhanced index strategy and finalized contracts with several external managers under the Equity 2.0 project. Managers are not named in the minutes.

Investment Committee report-out (Dec 17 2025 / Jan 6 2026 IC meetings): the committee approved an increased allocation to an existing private fund manager from $60M to $75M. The manager is not named in the minutes.

The SIB approved updated Investment Policy Statements for six client funds (ND PERS, TFFR, City of Grand Forks Pension Plan, Park District of Grand Forks, City of Bismarck Police Pension Plan, City of Bismarck Employee Pension Plan), incorporating new asset allocations presented by NEPC and RIO, plus clarified derivatives language and new client-withdrawal guidance.

Investment Committee update reported an RFP for investment performance and benchmarking consulting services, with new contracts expected to begin July 1, 2026. Verus is the incumbent performance consultant; NEPC advises on asset allocation.