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equity sponsors in the portfolio have also increased. The Net Cumulative IRR rates are ranging from 9.5 % to 14.5%. Landy Pheluong presented the White Oak Summit update. He briefly explained the firm's philosophy. They lend to small—midsize companies who have trouble acquiring standard bank loans. The company has double in size since 2015, and has 57 loans on the books, 21 of which are repaid. Primarily direct lending without a sponsor. Equipment loans are popular because of multi-purpose uses of trucks, cranes, and other construction vehicles. Since our inception back in 2015, we are fully invested and will be recycling our funds for another two (2) years. After that, the money will work its way back to our account. The estimated Net IRR is 8.9%. White Oak appears to be delivering on the promises they made for returns. Henry Jaung and Steve McLellan presented the Meketa Update. The portfolio balance as of 07/31/2018 was $172,538,513.00, up 3.9% for YTD. The US Markets continue to produce at a strong pace. The market has been less turbulent than previous months. Our 12% asset allocation in fixed income, and domestic allocation going up another 8% have been helping drive our returns this year. We are currently in great position and hope the trend continues throughout the year. The next meeting we will discuss long term funding of private equity. We are close to the 10% mark in holdings. Do we push more towards the 13-15% mark? That would require around 10 million in funding. Fossil Fuels, as of June 30, 2018 remain at approximately 4.6%, mostly within equities. There will be three (3) Senior Direct Lending managers coming in to present at the September Board meeting. They are Alcentra, Angelo Gordon, and Monroe. The Board completed Maggie's review and granted a 2% COLA effective 7/1/18. Bob Cunha motioned to adjourn the meeting at 9:50 AM, which was seconded by Joe Foley, and unanimously approved. The next Board Meeting will be held on Thursday September 27th, 2018 at 8:00 AM in Cary Memorial Library. RFP finalists Alcentra, Angelo Gordon, and Monroe will attend. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member ABSENT Frederick Weiss, Appointed Member