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Agenda Investment Advisory Council (IAC) Agenda Investment Advisory Council (IAC) Tuesday, March 30, 2021, 1:00 P.M.* Hermitage Room, First Floor 1801 Hermitage Blvd., Tallahassee, FL 32308 1:00 – 1:05 P.M. 1. Welcome/Call to Order/Election of Vinny Olmstead, Chair Officers/Approval of Minutes (See Attachments 1A – 1B) (Action Required) 1:05 – 1:25 P.M. 2. Opening Remarks/Legislative Update/ Ash Williams Reports/Other Updates & Reports Executive Director & CIO (See Attachments 2A – 2E) Executive Staff 1:25 – 2:10 P.M. 3. Florida Growth Fund Investment Hamilton Lane Review Nayef Perry (See Attachments 3A – 3B) Ankur Dadhania Katie Moore Benjamin Eckroth J.P. Morgan Robert Cousin Tyler Jayroe Patrick Miller 2:10 – 3:10 P.M. 4. Real Estate Review Steve Spook, SIO (See Attachments 4A – 4B) Lynne Gray, Senior Portfolio Manager Michael Fogliano, Senior Portfolio Manager Townsend Group Richard Brown Seth Marcus Investment Advisory Council – Agenda March 31, 2020 Page 2 3:10 – 3:40 P.M. 5. Corporate Governance Review Michael McCauley (See Attachment 5A – 5B) Senior Officer, Investment Programs & Governance 3:40 – 4:40 P.M. 6. Asset Class SIO Update s Tim Taylor, SIO DC Programs Chief Update Global Equity (See Attachments 6A – 6E) Katy Wojciechowski, SIO Fixed Income John Bradley, SIO Private Equity Trent Webster, SIO Strategic Investments Daniel Beard, Chief Defined Contribution Programs 4:40 – 4:50 P.M. 7. Review Changes to Florida Retirement Ash Williams System Investment Plan Investment Executive Director & CIO Policy Statement (See Attachments 7A – 7B) (Action Required) 4:50 – 5:00 P.M. 8. Review Changes to Florida PRIME Ash Williams Investment Policy Statement Executive Director & CIO (See Attachments 8A – 8B) (Action Required) 5:00 – 5:15 P.M. 9. Major Mandate Performance Review Aon (See Attachment 9) Kristen Doyle Katie Comstock 5:15 – 5:20 P.M. 10. Audience Comments/2021 Meeting TBD, Chair Dates/Closing Remarks/Adjourn (See Attachment 10) *All agenda item times are subject to change. MINUTES INVESTMENT ADVISORY COUNCIL DCEMBER 15, 2020 A virtual meeting of the Investment Advisory Council (IAC) was held on Tuesday, December 15, 2020, via GoToMeeting. The attached transcript of the December 15, 2020 meeting is hereby incorporated into these minutes by this reference. Members Present: Vinny Olmstead Peter Jones Bobby Jones Chuck Cobb Gary Wendt John Goetz Pat Neal Peter Collins Tere Canida Robb Turner SBA Employees: Ash Williams, Executive Director/CIO Alison Romano Trent Webster Katy Wojciechowski Tim Taylor Steve Spook John Bradley Daniel Beard Mike McCauley John Benton Consultants: Samit Chhabra (Cambridge) Richard Grimm (Cambridge) Andre Mehta (Cambridge) Jim Mnookin (Cambridge) Sheila Ryan (Cambridge) Richard Brown (Townsend) Seth Marcus (Townsend) Hugh Merkel (Mercer) Jay Love (Mercer) Katie Comstock (Aon) Kristen Doyle (Aon) December 15, 2020 IAC Meeting · · · ·STATE BOARD OF ADMINISTRATION OF FLORIDA · · · · ·INVESTMENT ADVISORY COUNCIL MEETING · · · · · · · TUESDAY, DECEMBER 15, 2020 December 15, 2020 · · · · · · · · 1:00 P.M. - 4:33 P.M. · · · · · · ·LOCATION: VIA WEB CONFERENCE · · · · · · Stenographically Reported By: · · · · · · · · · ·JO LANGSTON, RPR Job No.: 109869 www.phippsreporting.com (888) 811-3408 December 15, 2020 December 15, 2020 Page 2 Page 3 · · · · · · · · · · ·APPEARANCES ·1· · · ·INVESTMENT ADVISORY COUNCIL MEETING · · · ·(Participants appearing via GoToMeeting) ·2· · · · · · · · · · · * * * IAC MEMBERS: ·3· · · · MR. OLMSTEAD:· I'd like to call the VINNY OLMSTEAD PETER JONES ·4· ·December 15th Investment Advisory Council meeting BOBBY JONES CHUCK COBB ·5· ·to order.· Welcome to my fellow IAC members and GARY WENDT JOHN GOETZ ·6· ·members of the audience.· I did want to quickly PAT NEAL PETER COLLINS ·7· ·recognize Ash, the staff, consultants and of TERE CANIDA ROB TURNER ·8· ·course your investment officers for preparing and SBA EMPLOYEES: ·9· ·orchestrating this meeting, an extraordinary ASH WILLIAMS, EXECUTIVE DIRECTOR AND CIO ALISON ROMANO 10· ·amount of work done for each of these, very well KENT PEREZ MIKE McCAULEY 11· ·done, so thanks to each of those constituencies. JOHN BRADLEY DANIEL BEARD 12· · · · A few quick logistical items, typical stuff. TIM TAYLOR KATY WOJCIECHOWSKI 13· ·Please keep your microphones on mute unless you STEVE SPOOK TRENT WEBSTER 14· ·have conversation or a question.· Try to keep JOHN MOGG LAMAR TAYLOR 15· ·that obligatory dog barking and kids yelling to a JOHN BENTON JOHN KUCZWANSKI 16· ·minimum here.· If you do have a question, please CONSULTANTS: 17· ·say your name so the court reporter and the KRISTEN DOYLE - (Aon) 18· ·audience can follow along and easily know who is KATIE COMSTOCK - (Aon) SAMIT CHHABRA - (Cambridge) 19· ·speaking at that point in time. RICHARD GRIMM - (Cambridge) SETH MARCUS - (Townsend) 20· · · · Our first piece of business is the approval HUGH MERKEL - (Mercer) 21· ·of the September 29th minutes.· I assume the IAC 22· ·committee has had a chance to review.· And if 23· ·there are no questions, can someone make -- 24· · · · MR. NEAL:· So moved, Pat Neal. 25· · · · MS. CANIDA:· Second, Tere Canida. www.phippsreporting.com www.phippsreporting.com (888) 811-3408 (888) 811-3408 December 15, 2020 December 15, 2020 Page 4 Page 5 ·1· · · · MR. OLMSTEAD:· All in favor? ·1· ·and a new member was appointed to the IAC, ·2· · · · (Ayes) ·2· ·Mr. Rob Turner.· Rob is with us and suffice it to ·3· · · · MR. OLMSTEAD:· All opposed?· Great.· Well, ·3· ·say has 30 years of investment experience, post ·4· ·another packed agenda today, anchored by two of ·4· ·his graduation from West Point, and is very ·5· ·our senior investment officers.· Trent will lead ·5· ·accomplished.· And Rob can introduce himself in a ·6· ·an in-depth update on strategic investments, and ·6· ·minute. ·7· ·Katy will lead on fixed income.· Each will have ·7· · · · And we also have got a momentous occasion in ·8· ·some commentary from our esteemed consultants. ·8· ·that Ambassador Chuck Cobb, who has served with ·9· ·And then our other SIOs will give us brief ·9· ·great distinction on the Investment Advisory 10· ·updates.· And as typical (indiscernible).· The 10· ·Council since March of 2012 and has been a 11· ·court reporter must be having fun trying to do 11· ·gyroscope of stability and wisdom and, not 12· ·this, both my voice and that.· And finally, in 12· ·surprisingly, diplomatic skill.· Chuck is going 13· ·regards to the packed agenda, Aon will review 13· ·to be going off the IAC.· So we thank Ambassador 14· ·major mandates. 14· ·Cobb. 15· · · · So without further ado, let me hand it over 15· · · · And I would note that during the time that 16· ·to Ash, our CIO and ED, and let him provide some 16· ·he was on the IAC (indiscernible), with 17· ·opening remarks. 17· ·performance exceeding portfolio benchmarks over 18· · · · MR. WILLIAMS:· Thank you, Mr. Chairman, and 18· ·that period of time by 87 basis points.· So thank 19· ·welcome all to the meeting and thank you for 19· ·you, Ambassador Cobb, and I hope we can honor 20· ·being with us today.· A couple of things at the 20· ·your legacy with continued good performance. 21· ·open.· First, on the IAC itself, there was a 21· · · · MR. COBB:· So, Ash, this is Chuck Cobb 22· ·meeting of the State Board of Administration 22· ·speaking.· And I just want to thank you and my 23· ·trustees earlier this morning, at which two 23· ·fellow members of the board and staff and 24· ·members of the IAC, Peter Jones and Peter 24· ·management and consultants for an eight-year fun 25· ·Collins, were reappointed to sequential terms, 25· ·ride, and it's been a fun ride.· And so, since I www.phippsreporting.com www.phippsreporting.com (888) 811-3408 (888) 811-3408 December 15, 2020 December 15, 2020 Page 6 Page 7 ·1· ·very much enjoy some of these reports, ·1· ·camera.· It doesn't look like we have many who ·2· ·particularly Trent Webster's report, I'm going to ·2· ·are.· But, anyway, we need all the bandwidth we ·3· ·stay on and listen to that and then excuse myself ·3· ·can get for the members of the IAC. ·4· ·at the end of that meeting.· But thank you again ·4· · · · MR. OLMSTEAD:· And, Peter, yours is just a ·5· ·to everybody, and thank you, Mr. Chairman, for ·5· ·dark screen on what I see. ·6· ·letting me saying these few seconds of comments. ·6· · · · MR. COLLINS:· All right. ·7· · · · MR. WILLIAMS:· Thank you, Ambassador.· Well, ·7· · · · MR. WILLIAMS:· Sometimes if you're in an ·8· ·I'll move on then with a few other things, if I ·8· ·environment with a lot of leverage, it blocks the ·9· ·can.· And, Rob Turner, would you like to take ·9· ·video signal.· I'm not sure if that has something 10· ·maybe just a second and introduce yourself to the 10· ·to do with it. 11· ·group?· Have we lost the connection here? 11· · · · But anyway, let me begin, if I may, Mr. 12· · · · MR. COLLINS:· Hey, Ash? 12· ·Chairman.· I think we may not have Rob's 13· · · · MR. WILLIAMS:· Yes. 13· ·connection in place.· But Rob is chairman of The 14· · · · MR. COLLINS:· Hey, it's Peter Collins. I 14· ·Madava Group and has an extensive investment 15· ·can hear you guys and you can hear me, but I 15· ·career in the private market energy field, having 16· ·don't see my face up in there.· So do you see my 16· ·invested over $17 billion in capital in his 17· ·face on the video? 17· ·career, with very good results.· And he has 18· · · · MR. WILLIAMS:· Frankly, the faces are so 18· ·broadened the investment activities of his firm 19· ·small, it's very hard to pick them out.· Let's 19· ·in its present incarnation.· So I'm sure he'll be 20· ·see.· I'm studying, looking for you.
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