2022-08-25-RB-min - Laserfiche WebLink

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All Board members in attendance were reminded of their responsibility to maintain Board credits. PERAC Memo #17 has listed 3rd Quarter Board training classes for credits. Stephen MacLellan and Gloria Hazard presented the Meketa update at 8:50 am. The portfolio balance as of July 31, 2022 was $199,973,282.00, up $7.6m from the June report. Domestic equity assets are starting to rebound, up 9.4% in July. KAR and RhumbLine were up for the month, both over 9.3%. International equities were up, but just slightly at 2.9%. Meanwhile, the Global Tactical Assets were up 4.5% last month. The markets are beginning to show improvement heading into this 3rd Quarter. Steve mentioned the YTD relative performance is actually doing better than the 60/40 Benchmark. Managers out the re are seeking more growth exposure and have been able to utilize several allocations of funds. Steve gave an overview presentation of the Private Debt strategies. Our Golub 9 fund has generated a net IRR of 9.7% since September 2015, while the Golub 14 fund has reached a net IRR of 12.4% since our October 2021 inception. He spoke about exploring more opportunistic approaches to private debt. Depending on market conditions, look at more varied loan types and sourcing. The Board will review the two types of management pipelines Steve explained in the booklet. It would be a standard commitment of 3 years, with a life cycle of 3 -4 years. The fund life would be around 7 years, with a wind down period of 2 -3 years after the fund life. Management fees land around 1.5% - 2.0%. Further information and discussion will be held at the next Board meeting. Steve’s presentation wrapped up at 9:20 am. Robert Cunha made a motion to adjourn the meeting at 9:25 am, which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff and Fred Weiss. Future Board meeting dates: October 27th, November 21st, and December 22nd The next Retirement Board meeting will be held via ZOOM on Thursday, September 22, 2022 at 8:30 am. _____________________________ ABSENT Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member