Graduation from Manager of Managers Program
Beginning January 1, 2022, if an investment adviser acting in its capacity as an investment manager of a
multimanager portfolio made up of emerging investment managers (an “EIM Manager”) provides a
written recommendation to SURS for its selection or appointment of an emerging investment manager,
and such emerging investment manager has been providing investment services in such multimanager
portfolio for at least 24 months, then the Board may select or appoint such emerging investment
manager as a direct Manager for SURS. Any emerging investment manager appointed pursuant to the
immediately preceding sentence shall be disclosed on the SURS website as an appointment per the
exception provided in 40 ILCS 5/113.24 to the requirements of 40 ILCS 5/1-113.14 as it currently exists
or may be amended (and such disclosure shall include the name of the EIM Manager, a statement that
the Board has authorized selection or appointment of such emerging investment manager as a Manager
for SURS, and a brief explanation of the reason such emerging investment manager was selected or
appointed as an exception to 40 ILCS 5/1-113.14.
Advisor/Fund Board Approval
Solstein Capital December 2021
| Advisor/Fund | Board Approval |
| Solstein Capital | December 2021 |
SURS investment staff and Manager of Managers recommended graduation of the above advisor to a
direct relationship with SURS. Upon deliberation, the SURS Board of Trustees authorized the
procurement of the above advisors by affirmative vote at the respective Board meetings noted above.
The factors leading to the graduation of these advisors;
- Acceptable measure of performance over a three-to-five-year period;
- Stability in Manager’s organization;
- Institutional quality infrastructure;
- Growth in Assets Under Management;
- Confidence in Manager’s investment process; and
- Product fit.