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$100M commitment to Stonepeak Opportunities Fund II.

$300M commitment to BlackRock Global Allocation.

$300M commitment to Quad-C XI.

$300M commitment to Ares SSG Capital Partners VII.

$500M commitment to BlackRock 32 Capital.

$750M commitment to Barings Portfolio Finance.

Trustee John M. Bennett advised that his VRS Board of Trustees term would expire at the end of February 2026.

Board adopted a commending resolution for The Honorable J. Brandon Bell II, whose VRS Board of Trustees term concluded in January 2026 after appointment in March 2016. Bell served as Chair of the Audit and Compliance Committee, Chair and Vice Chair of the Defined Contribution Plans Advisory Committee, and a member of the Investment Policy Committee.

CIO Andrew Junkin reported that Mercer has been hired to review benchmark and hurdle rates for Private Equity, Credit Strategies and Diversifying Strategies, as part of VRS's regular schedule of independent review. Reports to be presented to the Board in April 2026; any approved benchmark changes to be implemented no earlier than July 1, 2026.

Terminated a $236M Select Equity Cooper Square public equity mandate.

$250M commitment to ACORE Credit Partners III.

$300M commitment to Leonard Green X.

$350M commitment to Garda Fixed Income Relative Value Opportunities Fund.

$150M commitment to Lead Edge Capital Fund VII.

$300M commitment to Charlesbank XI.

$300M commitment to Lexington Partners X.

$300M commitment to HPS Strategic Investment Partners VI.

$400M commitment to Ardian Secondaries Fund IX.

$200M commitment to HPS Asset Value III.

$275M commitment to Ares Special Opportunities Fund III.