Jan. 29, 2026 Board Meeting Summary of Actions

Reelected David P. Keefe as president and Nicholas Smirensky as vice president of the Board.

Renewed the agreement with BlackRock Financial Management Inc. to manage a portion of the System’s assets in commercial mortgage-backed securities (CMBS), for one year, effective April 3, 2026.

Renewed agreements with the following firms to manage a portion of the System’s portfolio to be actively invested in the securities of real estate investment trusts (REITs) and real estate operating companies (REOCs), for one year each:

  • AEW Capital Management LP, effective April 15, 2026
  • Cohen & Steers Capital Management Inc., effective Feb. 12, 2026
  • Principal Real Estate Investors LLC, effective Feb. 11, 2026

Renewed the agreement with Raith Capital Partners LLC to manage a portion of the System’s assets as a real estate debt manager, for one year, effective Feb. 7, 2026.

Renewed the agreement with Arrowstreet Capital LP to manage a portion of the System’s assets as a global equity manager benchmarked to the MSCI ACWI Index, for one year, effective March 26, 2026.

Renewed agreements with the following firms to manage a portion of the System’s assets as MSCI ACWI Ex-U.S. international equity managers, for one year each:

  • ARGA Investment Management LP, effective May 16, 2026
  • Ariel Investments LLC, effective April 10, 2026
  • Arrowstreet Capital LP, effective March 26, 2026
  • RhumbLine Advisers LP, effective March 30, 2026
  • Xponance Inc., effective April 25, 2026

Renewed the agreement with J.P. Morgan Investment Management Inc. to manage a portion of the System’s assets as an active U.S. high-yield manager benchmarked to the ICE BofAML BB-B U.S. High Yield Constrained Index (HUC4), for one year each, effective March 5, 2026.

Renewed the agreement with PGIM Inc. to manage a portion of the System’s assets as an active U.S. high-yield manager benchmarked to the Bloomberg U.S. High Yield 1% Issuer Capped Index, for one year, effective Feb. 21, 2026.

Renewed the agreement with The Bank of New York Mellon to act as an agency securities lender for a portion of the System’s public securities assets, for one year, effective March 17, 2026.

Authorized the System to change the high yield bonds policy benchmark from the ICE BofA BB-B U.S. High Yield Constrained Index to the ICE BofA U.S. High Yield Constrained Index as of July 1, 2026.

Authorized the Executive Director and Chief Investment Officer to contract with BlackRock Financial Management Inc., subject to the satisfactory completion of legal due diligence, to manage a portion of the System’s fixed income portfolio in a U.S. Broad Market High Yield Portfolio fixed income mandate benchmarked to the ICE BofA U.S. High Yield Constrained Index (HUC0) and to allocate an initial funding of up to $200 million in one or more tranches.

Authorized the Executive Director and Chief Investment Officer (i) to renew the contract with Callan LLC to serve as the System’s general investment consultant for one year, effective May 1, 2026; and (ii) to contract with Callan LLC to serve as the System’s secondary private equity and private debt consultant, for one year, effective May 1, 2026.

Authorized the System to (i) change the Investment Policy Manual to add a reference to the System’s new Quantitative Advisory Committee (QAC), and (ii) confer upon QAC members the benefits of New York State Public Officers Law Section 18.

Approved the Audit Committee Charter and the Internal Audit Plan for the year ending Dec. 31, 2026.