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State of Connecticut Office of the Treasurer Shawn T State of Connecticut Office of the Treasurer Shawn T. Wooden Treasurer M E M O R A N D U M TO: Members of Investment Advisory Council FROM: Shawn T. Wooden, State Treasurer and Council Secretary DATE: May 8, 2020 SUBJECT: Investment Advisory Council Meeting – May 13, 2020 Enclosed is the agenda package for the Investment Advisory Council meeting on Wednesday, May 13, 2020 starting at 9:00 A.M. The following subjects will be covered at the meeting: Item 1: Comments by the Chair Item 2: Approval of the Minutes of the April 23, 2020 IAC Meeting Item 3: Opening Comments by the Treasurer Item 4: Economic and Market Update Meketa Investment Group will provide an update on capital markets and discuss endpoint bias relative to investment performance measurement. Item 5: Watch List Process & Assessment Factors Kevin Cullinan, Chief Risk Officer, will review the updated watch list process and discuss expanded assessment factors. Item 6: Private Markets Pacing Plan Overview Mark Evans, Principal Investment Officer, and Danita Johnson, Principal Investment Officer, will provide an overview of the Pacing Plan for Private Markets. Item 7: Presentation by and Consideration of Stellex Capital Partners Fund II, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Stellex Capital Partners Fund II, L.P., Private Investment Fund opportunity. Item 8: Presentation by and Consideration of Leeds Capital Partners VII, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Leeds Capital Partners VII, L.P., a Private Investment Fund opportunity. Item 9: Other Business • Discussion of the preliminary agenda for the June 10, 2020 IAC meeting We look forward to reviewing these agenda items with you at the May 13th meeting. If you find that you are unable to attend this meeting, please call Katrina Farquhar at (860) 702-3110. D. Ellen Shuman Partner Emerita Edgehill Endowment Partners D. Ellen Shuman has worked in the field of endowment management for over 30 years. In 2013 she co-founded Edgehill Endowment Partners, a firm that operates as a full-service investment office to steward the endowment assets of a limited number of mission-based institutions. Edgehill manages approximately $2 billion on behalf of 4 clients in global, diversified portfolios. She recently transitioned to a strategic role at Edgehill. Prior to founding Edgehill, Ms. Shuman spent her career at the Yale University Investments Office (1986-1998) and as the Chief Investment Officer of Carnegie Corporation of New York, a private foundation (1999-2011). At Carnegie Corporation of New York, Ms. Shuman was recruited by President Vartan Gregorian to serve as the foundation’s first Chief Investment Officer. She built the Corporation’s investment office and implemented a set of strategies that dramatically diversified the portfolio - globally and by asset class. Investment performance exceeded the Corporation’s policy benchmark throughout her tenure, in which the Corporation’s assets grew from $1.5 billion to $2.55 billion, after spending of more than $1 billion. Unlike colleges and universities, all endowment growth was from investment return. Prior to Carnegie Corporation, Ms. Shuman worked at the Yale University Investment Office, reporting to Chief Investment Officer David Swensen. As Director of Investments she focused on real estate, energy and fixed income asset classes, including the University’s debt issuance. She taught several courses at Yale College and the Yale School of Management on Finance and Real Estate Investing. Ms. Shuman received the Institutional Investor Magazine Lifetime Achievement Award in 2014 and the Award for Excellence in Investment Management – Foundations – in 2006. She was appointed a member of the Investors’ Committee of the President’s Working Group on Financial Markets in 2008, which issued a report on “Principles and Practices for Hedge Fund Investors” in January 2009. In 2008 she was profiled in the book, Foundation and Endowment Investing, by Cathleen Rittereiser and Larry Kochard, published by Wiley & Sons. Ms. Shuman has served on several non-profit and public company boards: • Bowdoin College, Trustee, 1992 to 2013 o Committee service: Audit (Chair); Presidential Search; Investments; Committee on Trustees; Vice Chair (1999-2003) • The Investment Fund for Foundations (TIFF), Trustee, 2000 to 2009 o Committee Service: Governance, Audit (Chair), Compensation • Edna McConnell Clark Foundation, 1998 to 2013. Investment Advisor (1998 – 2010); Trustee (2010-2013) o Committee Service: Investments (Chair 2010 – 2013) • Meristar Hospitality Corporation (NYSE:MHX), 2001 to 2006 o Committee Service: Audit • General American Investors (NYSE: GAM), 2004 to 2013 o Committee Service: Governance; President Search; Audit (Chair) Currently Ms. Shuman is on the board of JBG Smith (NYSE: JBGS), a REIT based in Washington, D.C. JBGS was selected by Amazon as its HQ2 development partner in 2019. Ms. Shuman received a B.A., magna cum laude, from Bowdoin College; an M.P.P.M. from the Yale School of Management; and earned the CFA designation in 1992. She lives in New Haven, CT with her husband Douglas Rae and their two Australian terriers. AGENDA ITEM #2 INVESTMENT ADVISORY COUNCIL Thursday, April 23, 2020 SUCH MINUTES ARE IN DRAFT FORM AND SUBJECT TO THE FINAL REVIEW AND APPROVAL OF THE INVESTMENT ADVISORY COUNCIL MEETING NO. 474 Members present: Thomas Fiore, representing Secretary Melissa McCaw Joshua Hall *12:08pm Departure Michael Knight Michael LeClair* Steven Muench* William Murray Richard Ross Patrick Sampson Carol Thomas, Interim Chair Shawn T. Wooden, Treasurer Others present: Laurie Martin, Chief Investment Officer Kevin Cullinan, Chief Risk Officer Mark Evans, Principal Investment Officer Katrina Farquhar, Executive Assistant Lyndsey Farris, Principal Investment Officer John Flores, General Counsel Karen Grenon, Legal Counsel Darrell Hill, Deputy Treasurer Barbara Housen, Chief Compliance Officer, Deputy General Counsel Danita Johnson, Principal Investment Officer Harvey Kelly, Analyst Casi Kroth, Investment Officer Raynald Lévèque, Deputy Chief Investment Officer Steve Meier, Senior Principal Investment Officer Paul Osinloye, Principal Investment Officer Olivia Wall, Investment Officer Guests: Kevin Alcala, Goldman Sachs Tim Atkinson, Meketa Investment Group Dyice Ellis Beckham, Invesco Drianne Benner, Appomattox Judy Chambers, Meketa Investment Group Gar Chung, Financial Investment News Anthony DeVicaris, Met Life Maguette Diop, SEIU Mike Elio, StepStone Will Greene, Loop Capital Robyn Kaplan-Cho, CEA Mary Mustard, Meketa Investment Group INVESTMENT ADVISORY COUNCIL 2 Thursday, April 23, 2020 David Peligal, Brookfield William Rejeski, Goldman Sachs Matt Ritter, NEPC Lisa Rotenberg, Goldman Sachs Ellen Shuman, Incoming IAC Chair Liz Smith, AllianceBernstein Ann Parker Weeden, AllianceBernstein Ryan Wagner, T. Rowe Price With a quorum present, Interim Chair Carol Thomas called the Investment Advisory Council (“IAC”) meeting to order at 9:01 a.m. Approval of Minutes of the March 11, 2020 IAC Meeting Chair Thomas called for a motion to accept the minutes of the March 11, 2020 IAC meeting. Richard Ross moved to approve the minutes of the March 11, 2020 IAC meeting. The motion was seconded by Steven Muench. There was one correction from William Murray. There being no further discussion, the Chair called for a vote and the motion passed. Comments by the Treasurer Treasurer Wooden welcomed IAC members to the meeting and thanked them for their commitment to the IAC in this time of unprecedented uncertainty around our public health, our economy and our markets. He commented on the capital markets noting that the first quarter of 2020 was the worst since the 2008 Global Financial Crisis. He stated that although we couldn’t have anticipated the speed and magnitude of the market decline, we have positioned the CRPTF to withstand volatility and changes in market cycles. He stated that with the reduction in the return assumptions and changes made to the asset allocations for the largest pension plans, we reduced our exposure to global equity and increased our investments in fixed income. He further stated that within the hedge fund allocation, we reduced risk seeking strategies in exchange for risk mitigation strategies. He stated that after given consideration to the feedback from the IAC following the extensive due diligence conducted by our in house staff and our general consultant, Meketa – he has decided to award contracts to State Street Global Advisors, Northern Trust, BlackRock, Rhumbline, Piedmont and T Rowe Price for index, enhanced index and transition management services. Finally, he announced that four investments were under consideration at the meeting today for the Private Investment Fund (“PIF”) and the Real Assets Fund (“RAF”). Update on the Market, the Connecticut Retirement Plans and Trust Funds Final Performance for Month Ending March 31, 2020 Laurie Martin, Chief Investment Officer (“CIO”), provided an update on the CRPTF’s performance and commented on the capital market environment and the economic outlook. Private Credit Fund Opportunities Mark Evans, Principal Investment Officer, provided an overview of our Private Credit market strategy and the opportunities in the current environment. INVESTMENT ADVISORY COUNCIL 3 Thursday, April 23, 2020 Presentation by and Consideration of Altaris Health Partners V, L.P. Mr. Evans provided opening remarks and introduced Altaris Health
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