2009-05-29-RB-min - Laserfiche WebLink

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MINUTES OF THE MAY 29, 2009 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Alan Fields, Michael McNabb, Rob Addelson, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 052909 warrant and the May payroll. The Board noted 2 new members: Heidi Seiger, SPED Financial Operations Manager; Aura Nocivelli, Instructional Assistant John Haggerty and LouAnn Eisenhut from Meketa attended the meeting along with representatives Joe Gill and Craig Bergstrom from Corbin Capital Partners for hedge fund manager interview. Corbin is a private partnership established in 1984 with 35 professionals headquartered in New York. Senior managers are equity owners. The product name is Pinehurst Partners. Managers are: • Bottom up investors with high conviction ideas • Return oriented managers Flexible and opportunistic managers o Substantial co- investment by the risk - takers in fund ® Investing in funds with acceptable liquidity profile The investment process includes operational due diligence test, risk management test and manager research conviction test. The Pinehurst Fund has mostly institutional investors with less then 10% of high private investors. The retirement board asked that a list of investors be forwarded to the board. Mr. Gill and Mr. Bergstrom left the meeting at 9:00. The report is on file in the retirement office. John Haggerty presented Meketa's review of Corbin Capital. John first commented on hedge fund investing noting that "despite additional fees, fund of funds offer many advantages, including 1) diversification, 2) portfolio construction, 3) due diligence and 4) liquidity." In December 2008, the retirement board voted to conduct a hedge fund of funds manager search. Meketa issued an RFP and 23 firms responded. Meketa reduced the number to four finalists based on those they felt would fit within the system's current portfolio, on-