Investment Committee Meeting Minutes

Meeting: December 4, 2025 | Posted: March 9, 2026 | SURS Board of Trustees Meeting Minutes

The meeting of the of the Investment Committee of the Board of Trustees of the State Universities Retirement System (SURS) convened on Thursday, December 4, 2025, at 9:00 a.m.

This meeting was held in person at Northern Trust, Chicago, IL 60604.

The following trustees were present: Dr. Andry Bodnaruk; Mr. Richard Figueroa; Dr. Fred Giertz; Mr. Scott Hendrie, chair; Mr. Pranav Kothari; Mr. John Lyons; 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. Jessica Pickens, Mr. Alex Ramos, Mr. Joe Duncan, and Mr. Shane Willoughby, Sr. Investment Officers; Ms. Stephany Brinkman, Associate Investment Officer; Mr. Al Lund, Mr. Darian Saracevic, Ms. Madison Manns, Ms. Estefany Andrade, and Mr. Graham Turk, Investment Analysts; Ms. Tracy Bennett, Sr. Investment Compliance Analyst; Ms. Bianca Green, General Counsel; Ms. Tara Myers, Chief Financial Officer; Ms. Jackie Hohn, Chief Internal Auditor; Ms. Nichole Hemming, Chief Human Resources Officer; Mr. Jefferey Saiger, Chief Strategy and Technology Officer; Mr. Albert Lee, Associate Legal Counsel; Ms. Kristen Houch, Director of Legislative and Stakeholder Relations; Ms. Kelly Carson, Ms. Chelsea McCarty, and Ms. Annette Ackerman, Executive Assistants; Mr. David Sancewich and Mr. Colin Bebee of
Meketa; Mr. Munir Iman and Ms. Christine Mays of Callan; Ms. Heidi Poon and Mr. Nicholas Detmer of Aksia; Ms. Mary Bates and Mr. John McCarthy of Meketa: and Mr. Michael Calabrese of Foley & Lardner LLP.

Investment Committee roll call attendance was taken: Trustee Bodnaruk, present; Trustee Figueroa, present; Trustee Giertz, present; Trustee Hendrie (chair), present; Trustee Jiganti, absent; Trustee Kothari, present; Trustee Lyons, absent; Trustee Pitman, present; Trustee Rock, present; Trustee Van Meter, present; and Trustee Vasquez, absent.

Trustee Lyons physically joined the meeting at 9:23 a.m. Trustee Vasquez physically joined the meeting at 9:28 a.m.

Approval of Minutes

Trustee Hendrie presented the minutes from the Investment Committee meeting of October 23, 2025.

Trustee Rock made the following motion:

• That the minutes from the October 23, 2025, Investment Committee meeting be approved as presented.

Trustee Bodnaruk seconded the motion which passed with all trustees present voting in favor of the motion.

Approval Closed of Minutes

Trustee Hendrie presented the closed minutes from the Investment Committee meeting of October 23, 2025.

Trustee Rock made the following motion:

• That the closed minutes from the October 23, 2025, Investment Committee meeting be approved as presented and remain closed.

Trustee Van Meter seconded the motion which passed via all trustees present voting in favor of the motion.

Chairperson’s Report

Trustee Hendrie did not have a formal chairperson’s report.

CIO Report

Mr. Michael Schlachter provided a brief update on the status of the current markets and growth experienced by SURS during the last year.

Closed Session

At 9:09 a.m. Trustee Rock moved that the Investment Committee go into closed session pursuant to §2(c)(7) of the Illinois Open Meetings Act to consider the sale or purchase of securities, investments, or investment contracts. Trustee Kothari seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – absent
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – absent

Return to Open Session

The Investment Committee returned to open session at 11:04 a.m.

Trustee Rock made the following motion:

• That based on the recommendation from SURS staff and Meketa, the Rhumbline TIPS Portfolio relationship be terminated and the assets be liquidated to fund other rebalancing initiatives approved as part of the Asset Liability Study, with SURS Investment Staff to determine the timing of all changes.

Trustee Giertz seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – abstain
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Trustee Figueroa made the following motion:

• That based on the recommendation from SURS staff and Callan, that SURS enter the redemption queue for a full redemption of exposure to Blackstone Property Partners, giving SURS Investment Staff discretion to amend queue activity as deemed appropriate.

Trustee Giertz seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Trustee Rock made the following motion:

• That based on the recommendation from SURS staff and Meketa, the SURS Executive Director be given authority to either sign any necessary CFI Partners consent documents for SURS or terminate the manager during the next 60 days, as discussed.

Trustee Kothari seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Figueroa – absent
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Non-Traditional Growth and Stabilized Growth Asset Class Reviews (Educational Session)

Mr. Joe Duncan, Mr. Shane Willoughby, and representatives from Meketa, Callan, and Aksia, provided their reports titled, “Combined Stabilized Growth and Non-Traditional Growth Asset Class Review,” “Aksia PE Review,” “SURS Real Assets Review,” and “Meketa Private Credit Review” which included a discussion of the Non-Traditional Growth Portfolio and the Stabilized Growth Asset Class Portfolio. Throughout the presentations, each consultant provided information about initiatives, strategic plans, and accomplishments achieved during the last year.

The educational session lasted 140 minutes and concluded at 1:40 p.m.

Closed Session

At 1:40 p.m. Trustee Rock moved that the Investment Committee go into closed session pursuant to §2(c)(7) of the Illinois Open Meetings Act to consider the sale or purchase of securities, investments, or investment contracts. Trustee Kothari seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Return to Open Session

The Investment Committee returned to open session at 3:06 p.m.

Trustee Vasquez made the following motion:

• That based on the recommendation from SURS staff and Meketa, SURS retain Man AHL for its Optimized Trend Solution in an investment amount between $400-$450 million, pending successful contract and fee negotiations.

Trustee Rock seconded the motion which passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Quarterly Performance Review

Mr. David Sancewich and Mr. Nahom Kebede of Meteka provided their report titled, “25Q3 SURS Board Report” which contains information regarding final total fund performance through September 30, 2025.

Corporate Governance Update

Ms. Stephany Brinkman presented a report titled, “Corporate Gov Update” that contains information regarding governance activity as of September 30, 2025. This quarterly also included current proxy voting information.

Informational Items Not Requiring Committee Action

1. SURS FY 2026 Private Equity and Private Credit Commitments as of 9.30.2025

Public Comment

There were no public comments presented to the Investment Committee.

Adjourn

There was no further business brought before the committee and Trustee Kothari moved to adjourn the meeting. The motion was seconded by Trustee Rock, and it passed via the following roll call vote:

Trustee Bodnaruk – aye
Trustee Figueroa – aye
Trustee Giertz – aye
Trustee Hendrie – aye
Trustee Jiganti – absent
Trustee Kothari – aye
Trustee Lyons – aye
Trustee Pitman – aye
Trustee Rock – aye
Trustee Van Meter – aye
Trustee Vasquez – aye

Ms. Suzanne Mayer

Executive Director and Secretary, SURS Board of Trustees