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New York State Teachers' Retirement System
October 26, 2006 Board Meeting
Summary of Actions
Considered a private equity investment in Doughty Hanson & Co. V L.P., and authorized the System to invest up to €50 million in that fund, subject to the satisfactory completion of due diligence.
Considered a private equity investment in Hellman & Friedman Capital Partners VI L.P., and authorized the System to invest up to $200 million in that fund, subject to the satisfactory completion of due diligence.
Considered a private equity investment in Nautic Partners VI L.P., and authorized the System to invest up to $100 million in that fund, subject to the satisfactory completion of due diligence.
Considered a private equity investment in TSG5 L.P., and authorized the System to invest up to $75 million in that fund, subject to the satisfactory completion of due diligence.
Considered a private equity investment in Valhalla Partners II L.P., and authorized the System to invest up to $25 million in that fund, subject to the satisfactory completion of due diligence.
Considered a real estate investment in USAA U.S. Industrial REIT II and authorized the System to invest up to $50 million in that fund, subject to the satisfactory completion of due diligence and provided NYSTRS’ investment represents no more than 20% of the total fund.
Considered a real estate investment in CPI Capital Partners North America L.P., and authorized the System to invest up to $50 million in that fund, subject to the satisfactory completion of due diligence and provided NYSTRS’ investment represents no more than 20% of the total fund.
Authorized the Executive Director to enter into an agreement with LaSalle Investment Management to manage up to $100 million of System assets as a Global (Excluding U.S.) Real Estate Public Securities manager, for one year, subject to the satisfactory completion of due diligence.
Authorized the Executive Director to enter into an agreement with RREEF to manage up to $100 million of System assets as a Global (Excluding U.S.) Real Estate Public Securities manager, for one year, subject to the satisfactory completion of due diligence.
Authorized the Executive Director to enter into an agreement with Citigroup Property Investors to manage up to $100 million of System assets as a Global (Excluding U.S.) Real Estate Public Securities manager, for one year, subject to the satisfactory completion of due diligence.
Authorized the Executive Director to enter into an agreement with European Investors to manage up to $100 million of System assets as a Global (Excluding U.S.) Real Estate Public Securities manager, for one year, subject to the satisfactory completion of due diligence.
Authorized the Executive Director to modify the guidelines of the Prima Capital investment program to permit the investment of up to 20% of the System’s $50 million commitment in investment-grade REIT bonds.
Renewed the agreement with Callan Associates, Inc., to act as a general investment, real estate and private equity consultant, for one year, effective Feb. 1, 2007.
Renewed the agreement with State Street Global Advisors to manage a portion of the System’s portfolio as a passive international equity manager, for one year, effective Feb. 18, 2007.
Reappointed Leonade D. Jones to a three-year term on the Investment Advisory Committee, effective Jan. 1, 2007.
Reappointed Maureen A. Ehrenberg to a three-year term on the Real Estate Advisory Committee, effective Jan. 1, 2007.
Reappointed Brian K. Reed to a three-year term on the Real Estate Advisory Committee, effective Jan. 1, 2007.
Accepted the report of KPMG LLC expressing an unqualified opinion on the System’s financial statements as of June 30, 2006, and for the 2005-2006 plan year ended on that date.
Accepted changes to the Investment Policy Manual, reflecting updates approved by the Retirement Board through the July 2006 Board Meeting.
Approved the adoption of new actuarial assumptions to be used in the annual actuarial valuation of the System’s liabilities beginning with the June 30, 2006 valuation.
Approved the appointment of Thomas K. Lee as deputy executive director.
Approved the System’s 2007 legislative program.
