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Closed Session: Investment Committee Meeting Minutes

Meeting: December 5, 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, December 5, 2024, at 9:00 a.m. 

The SURS Investment Committee went into closed session at 1:25 p.m., pursuant to section 2(c)(7) of the Open Meetings Act.

The following trustees were present: Dr. Andriy Bodnaruk, Mr. Richard Figueroa, Dr. Fred Giertz, Mr. Scott Hendrie, chair, Mr. John Lyons, Mr. Pranav Kothari, Mr. Herbert Pitman, Dr. Steven Rock (via zoom), 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. Colin Bebee, and Mr. David Sancewich of Meketa.

Equity Extension Manager Presentation and Selction

Mr. Alex Ramos provided background information regarding the search process for equity short extension strategies and he identified the five firms that were invited for semi-finalist interviews. Upon completion of on-site visits, staff and Meketa identified two finalist firms to be interviewed by the board today.

Presentations were made by the following representatives for the two finalist candidate firms under consideration.

  • JP Morgan – Ms. Blake Johnson, Ms. Susan Bao, and Mr. Charlie Wick.
  • Man Numeric – Ms. Nadean Novogratz and Mr. Ori Ben-Akiva.

Following the conclusion of the interviews, staff and trustees discussed each of the relative strengths, weaknesses and characteristics of each firm.

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 3:00 p.m.

Return to Open Session

The open meeting resumed at 4:42 p.m.

Respectfully submitted,

Suzanne Mayer Signature

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