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New York State Teachers' Retirement System
April 30, 2008 Board Meeting
Summary of Actions

Considered a private equity investment in Caltius Partners IV L.P., and authorized the System to invest up to $50 million in that fund, subject to the completion of due diligence.

Considered a private equity investment in CS Strategic Partners IV L.P., and authorized the System to invest up to $175 million in that fund, subject to the completion of due diligence.

Considered a private equity investment in Hutton Collins Capital Partners III, and authorized the System to invest up to €50 million in that fund, subject to the completion of due diligence.

Renewed the agreement with Adelante Capital Management LLC to manage a portion of the System’s portfolio by actively investing in real estate investment trusts (REITs) and real estate operating companies (REOCs) securities, for one year, effective July 1, 2008.

Renewed the agreement with Cohen & Steers Capital Management Inc. to manage a portion of the System’s portfolio by actively investing in REIT and REOC securities, for one year, effective July 1, 2008.

Renewed the agreement with Cohen & Steers Capital Management Inc. to manage a portion of the System’s portfolio by actively investing in REIT and REOC securities in an income-oriented account, for one year, effective July 1, 2008.

Renewed the agreement with RREEF America LLC to manage a portion of the System’s portfolio by actively investing in REIT and REOC securities, for one year, effective July 1, 2008.

Ratified the following actions taken by the Retirement Board's Finance Committee since the previous Board meeting:

  • A five-year, $86 million first mortgage for 2555 Grand Boulevard in Kansas City, MO. The interest-only loan will carry a gross interest rate of 5.375%.
  • An investment of up to $75 million in ABRY Partners VI L.P.
  • An investment of up to $100 million in Ares Corporate Opportunities Fund III L.P.
  • An investment of up to $100 million in JLL Partners Fund VI L.P.
  • An investment of up to $100 million in Madison Dearborn Capital Partners VI L.P.
  • An investment of up to $100 million in Riverstone/Carlyle Global Energy and Power Fund IV L.P.
  • An investment of up to $150 million in TPG Partners VI L.P.
  • An investment of up to $150 million in Lexington Middle Market Investors II L.P.

Ratified the following actions taken by the Executive Director since the previous Board meeting:

  • An investment of up to $50 million, or an amount no more than 20% of capital raised by the Fund, in Cabot Industrial Value Fund III L.P., subject to the satisfactory completion of due diligence.
  • An investment of up to $50 million, or an amount no more than 20% of capital raised by the Fund, in Rockwood Capital Real Estate Fund VIII L.P., subject to the satisfactory completion of due diligence.
  • An investment of up to $55 million, or an amount no more than 20% of capital raised by the Fund, in Westbrook Real Estate Fund VIII L.P., subject to the satisfactory completion of due diligence.
  • An investment of up to $8.447 million to acquire a partial interest in a leased fee estate applicable to part of the land beneath 919 Third Ave., New York, NY, subject to the completion of due diligence.

Ratified the following actions taken by the Retirement Board via mail vote since the previous Board meeting:

  • An additional $100 million allocation to Black Rock Financial Management;
  • An additional $100 million allocation to ING Clarion Capital; and,
  • An additional $50 million allocation to Prima Capital Advisors, LLC.

Authorized the Executive Director to expand the existing agreement with Callan Associates Inc. – which serves NYSTRS as a general investment, real estate and private equity consultant – to include the monitoring of total performance of the System’s externally and internally managed assets, effective April 1, 2008.

Approved a resolution to appoint a Managing Director of Fixed Income and a Managing Director of Quantitative Strategies/Risk Management to Executive Staff.

Accepted, as presented, the Retirement System’s operating budget for the 2008-2009 fiscal year.

Considered an informational presentation from NYSTRS staff regarding climate risk and the System’s work with the Coalition for Environmentally Responsible Economies (CERES).

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