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Closed Session: Investment Committee Meeting Minutes

Meeting: September 12, 2024 | Posted: June 8, 2026 | SURS Board of Trustees Meeting Minutes

The meeting of the Investment Committee of the Board of Trustees of the State Universities Retirement System (SURS) convened on Thursday, September 12, 2024, at 9:00 a.m.

Upon motion by Trustee Rock, seconded by Trustee Van Meter and all present trustees voting in favor, the SURS Investment Committee went into closed session at 11:45 a.m., pursuant to section 2(c)(7) of the Open Meetings Act.

The following trustees were present: Dr. Andriy Bodnaruk, Dr. Fred Giertz, Mr. Scott Hendrie, chair, Mr. John Lyons, Mr. Pranav Kothari, Mr. Herbert Pitman, Dr. Steven Rock, Mr. Collin Van Meter, and Mr. Antonio Vasquez.

Others present: Ms. Suzanne Mayer, Executive Director; Mr. Michael Schlachter, Chief Investment Officer (CIO); Ms. Bianca Green, General Counsel; Ms. Jessica Pickens, Mr. Joe Duncan and Mr. Shane Willoughby, Sr. Investment Officers; Mr. Brian Deloria, Investment Officer; Ms. Stephany Brinkman, Associate Investment Officer; Ms. Stephanie Jeffries, Mr. Al Lund, and Mr. Darian Saracevic, Investment Analysts; Ms. Anna Dempsy, Investment Counsel; Ms. Kristen Houch, Director of Legislative and Stakeholder Relations; Ms. Kelly Carson, Executive Assistant; Mr. Michael Calabrese of Foley; Mr. Munir Iman, Mr. Jonny Gould, and Ms. Christine Mays of Callan.

Consideration of Real Asset Commitment

Mr. Shane Willoughby and representatives from Callan provided background information on a proposed Real Assets commitment and shared detailed information regarding the investment firm being considered. A detailed discussion regarding the recommended firm followed.

The Investment Committee returned to open session at 12:15 p.m.

Closed Session

Upon motion by Trustee Rock, seconded by Trustee Vasquez and all present trustees voting in favor, the SURS Investment Committee went into closed session at 2:17 p.m., pursuant to section 2(c)(7) of the Open Meetings Act.

Investment Manager Contract Status Update

Ms. Jessica Pickens updated the board on recent organizational changes occurring with one of the trend following investment managers within the Crisis Risk Offset asset class. After informing the trustees of proposed next steps, Ms. Pickens stated that a recommendation regarding the organizational change will be presented to the board during the October 24, 2024, Investment Committee Meeting.

Review of Tail Risk Portfolio

Mr. Colin Bebee of Meketa presented a summary report of the SURS Tail Risk Hedge program. During his report, Mr. Bebee discussed the costs, current portfolio positioning and major metrics of the program.

The Investment Committee returned to open session at 2:57 p.m.

Respectfully submitted,

Suzanne Mayer Signature

Ms. Suzanne Mayer
Executive Director and Secretary, SURS Board of Trustees