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Iacinfopacket011321 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: January 8, 2021 SUBJECT: Investment Advisory Council Meeting – January 13, 2021 Enclosed is the agenda package for the Investment Advisory Council meeting on Wednesday, January 13, 2021 starting at 9:00 A.M. The following subjects will be covered at the meeting: Item 1: Approval of the Minutes of the December 9, 2020 IAC Meeting Item 2: Opening Comments by the Treasurer Item 3: Update on the Market and the CRPTF Performance Laurie Martin, Chief Investment Officer, will provide an update on the capital market environment and will report on the following: • The CRPTF performance as of November 30, 2020 Item 4: Co-Investment Program Overview Raynald Leveque, Deputy Chief Investment Officer, Danita Johnson and Mark Evans, Principal Investment Officers, will provide an overview of the Co-Investment Program. Item 5: Presentation by and Consideration of Grain Communications Opportunity Fund III Danita Johnson, Principal Investment Officer, will provide opening remarks and introduce Grain Communications Opportunity Fund III, a Real Assets Fund opportunity. Item 6: Presentation by and Consideration of Insight Partners Opportunity Fund I Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Insight Partners Opportunity Fund I, a Private Investment Fund opportunity. Item 7: Presentation by and Consideration of One Rock Capital Partners III Mark Evans, Principal Investment Officer, will provide opening remarks and introduce One Rock Capital Partners III, a Private Investment Fund opportunity. 165 Capitol Ave, Hartford, CT 06106-1773, Telephone: (860) 702-3000 An Equal Opportunity Employer Item 8: Other Business • Discussion of the preliminary agenda for the February 10, 2021 IAC meeting Item 9: Comments by the Chair Item 10: Executive Session • Consideration of personnel matters Item 11: Consent to Appointment of Interim Chief Investment Officer We look forward to reviewing these agenda items with you at the January 13th meeting. If you find that you are unable to attend this meeting, please email [email protected]. STW/kf Enclosures INVESTMENT ADVISORY COUNCIL Wednesday, December 9, 2020 SUCH MINUTES ARE IN DRAFT FORM AND SUBJECT TO THE FINAL REVIEW AND APPROVAL OF THE INVESTMENT ADVISORY COUNCIL MEETING NO. 482 Members present: D. Ellen Shuman, Chair Treasurer Wooden, Secretary Thomas Fiore, representing Secretary Melissa McCaw *9:06am arrival Joshua Hall * Michael Knight Michael LeClair Steven Muench William Murray Patrick Sampson Carol Thomas Others present: Laurie Martin, Chief Investment Officer Kevin Cullinan, Chief Risk Officer Patricia DeMaras, Legal Counsel Mark Evans, Principal Investment Officer Katrina Farquhar, Executive Assistant Lyndsey Farris, Principal Investment Officer John Flores, General Counsel Felicia Genca, Securities Analyst Karen Grenon, Legal Counsel Darrell Hill, Deputy Treasurer Barbara Housen, Chief Compliance Officer, Deputy General Counsel Danita Johnson, Principal Investment Officer Harvey Kelly, Pension Fund Analyst Raynald Leveque, Deputy Chief Investment Officer Steven Meier, Senior Principal Investment Officer Paul Osinloye, Principal Investment Officer Christine Shaw, Assistant Treasurer for Corporate Governance & Sustainable Investment Michael Terry, Principal Investment Officer Guests: Kevin Alcala, Goldman Sachs Greg Balewicz, Lord Abbett Drianne Benner, Appomattox Mary Beth Boyle, Rock Creek Ronan Burke, Capital Group Gar Chung, Financial Investment News Dyice Ellis-Beckham, Invesco Marilyn Freeman, Capital Prospects Noel Henry, Man Investments INVESTMENT ADVISORY COUNCIL 2 Wednesday, December 9, 2020 Will Greene, Loop Capital Deirdre Guice-Minor, T. Rowe Price Christopher Morgan, Franklin Templeton Ann Parker Weeden, AllianceBernstein Richard Ross, CT Resident Liz Smith, AllianceBernstein Ryan Wagner, T. Rowe Price With a quorum present, Chair D. Ellen Shuman called the Investment Advisory Council (“IAC”) meeting to order at 9:00 a.m. Approval of Minutes of the November 18, 2020 IAC Meeting Chair Shuman called for a motion to accept the minutes of the November 18, 2020 IAC meeting. Carol Thomas moved to approve the minutes of the November 18, 2020 IAC meeting. The motion was seconded by Steven Muench. There was one abstention from Michael LeClair. There being no further discussion, the Chair called for a vote and the motion passed. Comments by the Treasurer Treasurer Wooden welcomed the IAC members and began by discussing the recent update he provided to the four major rating agencies on the financial health and credit strength of the State. He stated that presentations from his office, in collaboration with the Office of Policy and Management were very detailed and illustrated that Connecticut is very strong with over $3 billion in the budget reserve fund, demonstrating how well positioned the state is to successfully manage through this unprecedented period. Next, he discussed three recent announcements. First, Fidelity Investments had been chosen as the new program and investment manager for the Connecticut Higher Education Trust (“CHET”) direct and advisor programs. He stated that Fidelity was selected following the completion of a competitive bid process. Second, a successful settlement agreement was reached against Valeant Pharmaceuticals International, Inc., now known as Bausch Health Companies, Inc., and several of the company’s former executives. With a commitment to safeguard the State’s financial resources, we took on an active approach, filing a separate claim on behalf of the Connecticut Retirement plans and Trust Funds and had secured $3.8 million for the funds. Third, the Treasurer joined the Institutional Limited Partners Association (“ILPA”) Diversity in Action Initiative. The goal of the initiative is to serve as a means for General and Limited Partners to publicly acknowledge their commitment to take concrete steps to advance diversity, equity and inclusion, within the private equity industry. Then, Treasurer Wooden mentioned his recent decision to commit $100 million to the Clearlake Flagship Plus Partners Fund, $100 million to the IPI Partners II Fund, $150 million to the ISQ Global Infrastructure Fund, $50 million to the TruAmerica Workforce Housing Fund and an additional $50 million to the Secondary Overflow Fund IV. In addition, he stated that Hamilton Lane Partners was awarded the Private Capital consultant contract. INVESTMENT ADVISORY COUNCIL 3 Wednesday, December 9, 2020 Finally, he provided a brief overview of the meeting agenda and closed with a review of the significant progress made over the past year in light of the challenges faced by the pandemic and thanked the IAC members for their partnership. Combined Investment Fund Review as of September 30, 2020 Mary Mustard, Principal and Peter Woolley, Managing Principal & Co-CEO, Meketa Investment Group, provided an overview of the Combined Investment Funds as of September 30, 2020. Domestic Equity Fund – Small Cap Request for Proposal Paul Osinloye, Principal Investment Officer (“PIO”), reviewed the project plan and scope of services for the Domestic Equity Fund Small Cap Equity investment manager search. Alternative Investment Fund Review as of September 30, 2020 Kevin Cullinan, Chief Risk Officer, provided an overview of the Alternative Investment Fund as of September 30, 2020. Real Assets and Real Estate Review as of June 30, 2020 Danita Johnson, PIO, provided an overview of the Real Assets and Real Estate portfolios as of June 30, 2020. Private Equity and Private Credit Review as of June 30, 2020 Mr. Evans, PIO, provided an overview of the Private Equity and Private Credit portfolios as of June 30, 2020. Presentation by and Consideration of K5 Private Investors, LP Mark Evans, PIO, provided opening remarks and introduced K5 Private Investors (“K5”), a Private Investment Fund (“PIF”) opportunity. K5, represented by Neil Malik, Founder & CEO and Hasan Askari, Managing Partner, made a presentation to the IAC. Roll Call of Reactions for the K5 Private Investors Messrs. Muench, LeClair, Thomas Fiore, Joshua Hall, Michael Knight, William Murray, Patrick Sampson, Ms. Thomas and Chair Shuman provided feedback on K5. Chair Shuman called for a motion to waive the 45-day comment period. A motion was made by Mr. Murray, seconded by Ms. Thomas, to waive the 45-day comment period for K5. There being no discussion, the Chair called for a vote and the motion passed. Presentation by and Consideration of Livingbridge 7 Mark Evans, PIO, provided opening remarks and introduced Livingbridge 7, a PIF opportunity. Livingbridge 7, represented by Wol Kolade, Managing Partner; Shani Zindel, CIO; Fiona Dane, Head of Fundraising and Investor Relations and Cate Pfirrman, Fundraising Manager, made a presentation to the IAC. INVESTMENT ADVISORY COUNCIL 4 Wednesday, December 9, 2020 Roll Call of Reactions for the Livingbridge 7 Messrs. Fiore, Hall, Knight, LeClair, Muench, Murray, Sampson, Ms. Thomas and Chair Shuman provided feedback on Livingbridge 7. Chair Shuman called for a motion to waive the 45-day comment period. A motion was made by Mr. Murray, seconded by Mr. Muench, to waive the 45-day comment period for Livingbridge 7. There being no discussion, the Chair called for a vote and the motion passed. Comments by the Chair Chair Shuman invited the council members to submit agenda items for the next
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