Before You Call: Answers to Frequently Asked Questions

M

Important Notice about Protecting Your SURS Account

SURS would like to alert members to a rise in sophisticated scam attempts targeting pension systems and financial institutions. – Read Article

SURS State Universities Retirement System
Member Login

Closed Session: Investment Committee Meeting Minutes

Meeting: October 24, 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, October 24, 2024, at 9:00 a.m.

The SURS Investment Committee went into closed session at 12:05 p.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. Alex Ramos, 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, 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 relating to Belay Ventures Fund IV and they shared detailed information regarding the investment firm being considered. Representatives from the manager made a detailed presentation to the board and they answered questions raised by the trustees.

Investment Manager Contract Status Update

Ms. Jessica Pickens provided an update regarding the recent organizational changes occurring with UBS. Ms. Pickens stated that based on external counsel’s analysis of the investment procurement policy, SURS will need to liquidate assets with UBS and reallocate them to other existing SURS strategies. The allocations will be reevaluated after the Asset Liability Study is completed. Staff expects to issue an RFP for an additional trend manager at that time.

Tail Risk Hedge and Volatility RFP Contract Discussion

Mr. Michael Schlachter provided a status update regarding the tail risk hedge and long volatility manager, CapStone, and he recommended the board stop any ongoing contract negotiations. He explained that CapStone was selected as a back-up manager with SURS in June of 2022 but because contract negotiations were still pending and because this manager would not receive any work until the time when, and if, the primary tail risk hedge and long volatility manager is unable to provide the requested services, he recommended that the board not enter into a back-up contract. Mr. Schlachter determined that, if the Tail Risk Hedge manager or the Long Volatility manager needs to be replaced quickly, there are several other managers and partners currently within the SURS portfolio that could assume the duties of the Tail Risk Hedge manager or the Long Volatility manager if needed.

The Investment Committee returned to open session at 1:35 p.m.

Return to Open Session

The open meeting resumed at 12:14 p.m.

Respectfully submitted,

Suzanne Mayer Signature

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