Investment Committee - March 16, 2026

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 each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. In accordance with California Government Code section 11123.2 (added by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference.

Meeting Agenda for March 16, 2026

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. Election of the Chair and Vice Chair
   3. Executive Report (PDF) — Stephen Gilmore
   4. Action Consent Items — Stephen Gilmore
      1. Approval of the March 16, 2026, Investment Committee Timed Agenda (PDF)
      2. Approval of the November 17, 2025, Investment Committee Open Session Meeting Minutes (PDF)
      3. Review of the Investment Committee Delegation (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
         3. Attachment 3 (PDF)
   5. Information Consent Items — Stephen Gilmore
      1. Annual Calendar Review (PDF)
      2. Draft Agenda for the June 15, 2026, Investment Committee Meeting (PDF)
      3. Quarterly Update – Affiliates 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)
   6. Information Agenda Items
      1. Geopolitical Discussion with Lieutenant General David Bellon Moderated by Stephen Gilmore (Board Education) (PDF) — Lieutenant General David Bellon, Academy Securities; Stephen Gilmore
         1. Attachment 1 (PDF)
      2. Total Fund Policy Review — First Reading (PDF) — Amy Deming
         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)
         9. Attachment 9 (PDF)
         10. Attachment 10 (PDF)
         11. Attachment 11 (PDF)
         12. Attachment 12 (PDF)
         13. Attachment 13 (PDF)
         14. Attachment 14 (PDF)
         15. Attachment 15 (PDF)
         16. Attachment 16 (PDF)
         17. Attachment 17 (PDF)
         18. Attachment 18 (PDF)
         19. Attachment 19 (PDF)
         20. Attachment 20 (PDF)
         21. Attachment 21 (PDF)
         22. Attachment 22 (PDF)
         23. Attachment 23 (PDF)
         24. Attachment 24 (PDF)
         25. Attachment 25 (PDF)
         26. Attachment 26 (PDF)
         27. Attachment 27 (PDF)
         28. Attachment 28 (PDF)
         29. Attachment 29 (PDF)
      3. Asset Liability Management: First Reading Affiliate Funds Recommendation (PDF) — Stephen Gilmore, Michele Nix, Scott Terando, Christine Reese, Saeed Daroogheha
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
      4. Summary of Committee Direction — Michael Cohen
      5. Public Comment

Closed Session

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

1. Item
   1. Call to Order and Roll Call
   2. Executive Report – Investment Strategy — Stephen Gilmore
   3. Action Consent Item — Stephen Gilmore
      1. Approval of the November 17, 2025, Investment Committee Closed Session Meeting Minutes
   4. Information Consent Items — Stephen Gilmore
      1. Closed Session Activity Reports
         1. Status of Action Items Not Yet Reported
      2. Disclosure of Placement Agent Fees
   5. Action Agenda Items
      1. Reference Portfolio Benchmark Recommendation — Tom Toth, Wilshire Advisors
   6. Information Agenda Items
      1. Asset Liability Management: Public Employees’ Retirement Fund Implementation Strategy — Stephen Gilmore, Michele Nix, Scott Terando
      2. Strategic Discussion of Owning Tesla — Simiso Nzima, Drew Hambly
      3. Investment Pipeline and Activity Report
         1. Affiliate Funds — Christine Reese
         2. Private Equity — Anton Orlich
         3. Private Debt — Mascha Canio
         4. Real Assets — Sarah Corr
         5. Global Public Equity — Simiso Nzima
         6. Global Fixed Income — David Bader
         7. Total Fund Portfolio Management — Brian Leu
         8. Sustainable Investments — Peter Cashion
         9. Opportunistic/Other — Stephen Gilmore
   7. Chief Investment Officer – Personnel, Employment and Performance
   8. Information Agenda Item – Investment Strategy Session with the Board’s Independent Consultants

Open Session

Upon Adjournment of Closed Session.

1. Item
   7. Adjournment of Meeting