2015-02-26-RB-min - Laserfiche WebLink

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Minutes of the February 26, 2015 Retirement Board Meeting Present: Robert Cunha, Alan Fields, Joe Foley, Rob Addelson, Frederick Weiss, Marguerite Oliva and Karen Marchant Bob Cunha called the rneeti.ng to order at 8:00 AM. NEW MEMBERS: Ani Magarian, Spec. Ed. Secretary RETIREMENTS: Karen Jackman, Treasurer Asst. 2/27/15; Maryann McCall- Taylor, Planning Director 5/15/15 DECEASED: None The Board accepted and signed the 022715 Warrant and February payroll. The January 2015 minutes were reviewed and approved as well as the cashbooks for December 2014. Stephen MacLellan and Henry Jaung from Meketa presented the Global Tactical Asset Allocation search summary. There were 16 responses to the RFP and of those, 7 were found to be highly advantageous or advantageous. The Board requested that Meketa discuss William Blair & Co. and Windham Capital, both of whom were deemed "highly advantageous ". In looking for new managers, Meketa tries to find a fund that will bring something new to the table. Meketa noted that William Blair`s investment process stands out. The William Blair Asset Management is a commingled fund managed by Brian Singer. Even though Meketa has only a three -year performance for this fund, they are comfortable with Mr. Singer's past performance. The performance net of fees for 2013 was 14.7 and 15.6 for 2012. The fees are advantageous at .80% on first $25mm. Windham Capital is an independent asset management firm led by CIO Lucas Turton. The firm is 100% employee owned. Windham built a risk on, risk off strategy. The performance net of fees for 2013 was 2.1 and 9.0 for 2012. This is a separate account and the fees are not advantageous. Both will be asked to make a presentation at the March meeting. The market value for Lexington as of 1/31/15 is $138.5m with one year performance up 8.8 %. Golub Capital and White Oak made presentations in response to an RFP for private debt. Alyssa Grad and Greg Cashman discussed Middle Market Lending that has over $8 under management. Golub Capital IX was started January 2014 and the last closing will be June 30, 2015. The next closing available will be March 31, 2015. The first call will be for 50% immediately and dividends will start to pay out 45 days later after closing. Andre Hakkas, Landy Pheloung and Darius Mozaffarian made the presentation for the White Oak Summit Fund. White Oak is a direct lending company which makes senior secured loans to non- sponsored small and medium enterprises in the U.S. and Canada. They currently have a target of $1 billion with a third of the fund committed. After due diligence, there are 60 -75 active deals with a target of 5 -- 10 funded transactions per quarter. They currently have $2.8 billion in opportunities under negotiation all of which are first lien. The management fee for a commitment of less than $25mm is 1.25% on invested capital plus .5% on committed capital not already invested.