April Investment Committee Meeting

The Investment Committee maintains and reserves the right to take action on any item agendized for discussion. Topics are generally ordered by priority and less pressing items may be dropped or postponed if time constraints require. The time estimates for the beginning and ending of the meeting and the individual presentations may be adjusted by the Committee.

Agenda

1. Minutes Approval
   March 26, 2026, Investment Committee Meeting Minutes
   Recommendation: Approve the March 26, 2026, Investment Committee Minutes.
2. Extra Help Appointment Approval (10 mins.)
   Extra Help Retiree Appointment pursuant to California Government Code section 7522.56
   Recommendation: Approve Resolution #177 certifying the limited duration Extra Help Appointment of Retiree Lisa Hogan to the position of Senior Retirement Benefits Specialist pursuant to California Government Code section 7522.56 to fill a critical need within 180 days of retirement.
3. Presentation
   UBS Trumbull Property Fund – CIO and Lead Portfolio Manager Larissa Belova (participating via Zoom), Portfolio Manager Husayn Hasan, and Real Estate Investment Specialist Elysha Johnston will provide an organizational update and review the market, performance, and positioning of the Trumbull Property Fund in which SCERA invests. (60 mins.)
   
   [Break] (10 mins.)
   
   
4. Investment Staff and Consultant
   1. Aon’s Real Estate Research Team – Chae Hong, Partner, North America Real Estate at Aon Investments, will review recent developments on the team and with the Townsend sub-advisory agreement. (10 mins.)
   2. Due Diligence Meeting Reports
      1. Arrowstreet Capital (5 mins.)
      2. State Street Bank and Trust, Non-Custody Services (10 mins.)
   3. Axium Infrastructure Annual Shareholder Meeting, March 31, 2026 – verbal report (5 mins.)
   4. Engaging New Real Estate Managers Invesco and LaSalle – verbal update (5 mins.)
5. Communications (time estimate 0 mins. unless items are identified for discussion)
   1. SCERA Investment Performance Report for March 2026.
   2. GTA Equity Trade Cost Analysis, Executive Summary – Select Pages, 1Q2026.
   3. KKR DCIF, “Vertical Bridge Announces $1.5 Billion Strategic Equity Investment From KKR”, April 22, 2026.
   4. Wall Street Journal | Opinion, “We’re Planning for the Wrong AI Job Disruption”, January 28, 2026.
6. General Discussion Matters
   Opportunity to advise the Investment Committee of new matters and for Committee members to ask questions for clarification, provide information to staff, request staff to report back on a matter, or direct staff to place a matter on a subsequent agenda.
7. Public Comment
   Opportunity for public comment on non-agenda items within the jurisdiction of the Investment Committee.
8. Next Meeting
   The next Investment Committee meeting is scheduled for Thursday, May 28, 2026, at 8:30 a.m. Planned topics for this meeting include a presentation by Arrowstreet Capital regarding the 130/30/40 International Equity fund in which we invest. All meetings are held at SCERA in the Board Room at 433 Aviation Boulevard, Suite 100, Santa Rosa, CA, and broadcast via Zoom unless otherwise noted.
9. Adjournment