Investment Committee Agenda March 14, 2022

This committee reviews investment transactions, the investment performance of both internal and external managers, and establishes investment policy and strategy.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda Item from a properly noticed Committee meeting may be considered by the Board at a subsequent Board meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.)

March 14, 2022

View March 14, 2022 Investment Committee Open Session Meeting Transcript (PDF)

Open Session

9:15 a.m.
Or upon adjournment or Recess of the Board Closed Session – Whichever is later

1. Item
   1. Call to Order and Roll Call (PDF)
   2. Approval of the March 14, 2022 Investment Committee Timed Agenda (PDF)
   3. Information Agenda Item
      1. Emerging Markets Panel (PDF)Arnie Philips; Axel Christensen, Blackrock, Inc.; Greg G. Olafson, Goldman Sachs; Pramol Dhawan, PIMCO

Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16), (e), and (g)(1))

1. Item
   1. Call to Order and Roll Call
   2. Action Consent ItemDan Bienvenue
      1. Approval of the February 15, 2022 Investment Committee Closed Session Meeting Minutes
   3. Information Consent ItemsDan Bienvenue
      1. Closed Session Activity Reports
         1. Status of Action Items Not Yet Reported
         2. Items Completed Under Delegated Authority
         3. Investment Proposal Status Reports
      2. Disclosure of Placement Agent Fees
   4. Information Agenda Item
      1. New Asset Class BenchmarksAli Kazemi, Wilshire Associates
      2. Asset Liability Management: Public Employees' Retirement Fund ImplementationSterling Gunn, Michael Krimm
   5. Information Agenda Items – External Manager and Investment Decision Updates
      1. Private EquityGreg Ruiz
      2. Real AssetsSarah Corr
      3. Global EquitySimiso Nzima
      4. Global Fixed IncomeArnie Phillips
      5. OpportunisticJean Hsu
      6. Trust Level Portfolio ManagementSterling Gunn
      7. Sustainable InvestmentsJames Andrus
   6. Interim Chief Investment Officer – Personnel, Employment and Performance
   7. Information Agenda Item – Investment Strategy Session with the Board's Independent Consultants

Open Session

Upon Adjournment or Recess of Investment Committee Closed Session

1. Item
4. Executive Report — Interim Chief Investment Officer Briefing (This item will be presented verbally at the meeting.)Dan Bienvenue
5. Action Consent ItemDan Bienvenue
   1. Approval of the February 15, 2022 Investment Committee Open Session Meeting Minutes (PDF)
   2. Review of the Investment Committee Delegation (PDF)
      1. Attachment 1 (PDF)
      2. Attachment 2 (PDF)
6. Information Consent ItemsDan Bienvenue
   1. Annual Calendar Review (PDF)
   2. Draft Agenda for the June 13, 2022 Investment Committee Meeting (PDF)
   3. Quarterly Update – Performance and Risk (PDF)
      1. Attachment 1 (PDF)
   4. Quarterly Update – Investment Controls (PDF)
      1. Attachment 1 (PDF)
   5. Disclosure of Placement Agent Fees and Material Violations (PDF)
      1. Attachment 1 (PDF)
      2. Attachment 2 (PDF)
      3. Attachment 3 (PDF)
      4. Attachment 4 (PDF)
      5. Attachment 5 (PDF)
      6. Attachment 6 (PDF)
      7. Attachment 7 (PDF)
      8. Attachment 8 (PDF)
   6. Terminated Agency Pool Rebalance (PDF)
7. Action Agenda Items
   1. Selection of Private Debt Board Consultant (PDF)Matt Flynn
      1. Attachment 1 (PDF)
   2. Asset Liability Management: Affiliate Funds - Health, Defined Benefit, and Pre-Funding Trusts (PDF)Sterling Gunn and Christine Reese
      1. Attachment 1 (PDF)
      2. Attachment 2 (PDF)
8. Information Agenda Items
   1. Revisions to the Total Fund and Global Fixed Income Policies – First Reading (PDF)Amy Deming, Michael Krimm
      1. Attachment 1 (PDF)
      2. Attachment 2 (PDF)
      3. Attachment 3 (PDF)
      4. Attachment 4 (PDF)
      5. Attachment 5 (PDF)
      6. Attachment 6 (PDF)
      7. Attachment 7 (PDF)
   2. Summary of Committee Direction (Verbal Report)Dan Bienvenue
   3. Public Comment

Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(16) and (e))

1. Item
   8. Information Agenda Item
      1. Asset Liability Management: Public Employees' Retirement Fund ImplementationSterling Gunn