July 29, 2026 Board Meeting Summary of Actions

Renewed the agreements with the following firms to manage a portion of the System’s assets as global real estate public securities managers benchmarked to the FTSE EPRA/NAREIT Developed Unhedged Index, for one year each:

  • Heitman LLC (effective Aug. 7, 2026)
  • Dimensional Fund Advisors LP (effective Sept. 22, 2026)

Renewed the agreement with Blue Owl Real Estate Debt Advisors LLC to manage a portion of the System’s real estate portfolio as a manager of U.S. commercial mortgage-backed securities (CMBS) and private real estate debt, for one year, effective Aug. 13, 2026.

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

  • Baillie Gifford Overseas Limited (effective Sept. 15, 2026)
  • William Blair Investment Management LLC (effective Sept. 22, 2026)

Renewed the agreement with T. Rowe Price Associates Inc. to manage a portion of the System’s equity portfolio as an active domestic equity manager benchmarked to the S&P 500, for one year, effective Oct. 30, 2026.

Renewed the agreements with the following firms to manage a portion of the System’s fixed income portfolio in a Global Carbon Transition Bond Portfolio fixed income mandate benchmarked to the Bloomberg Global Aggregate Corporate Bond Index (in USD hedged to USD), for one year each and each effective Oct. 6, 2026:

  • BlackRock Financial Management Inc.
  • Pacific Investment Management Company LLC

Renewed the agreement with Advent Capital Management LLC to manage a portion of the System’s fixed income portfolio benchmarked to the ICE BofA U.S. High Yield Constrained Index (HUC0), for one year, effective Sept. 10, 2026.

Authorized the System’s Executive Director & Chief Investment Officer to make an additional $375 million equity investment to Edens Investment Trust.

Authorized the appointment of Dr. Andrea Lefton to serve as an alternate on the System’s Medical Board.

Approved amendments to the System’s Investment Policy Manual.

Approved the adoption of a five-year de-risking path to the System’s asset allocation targets.

Approved amendments to the System’s Rules and Regulations with respect to the cessation of membership and the reinstatement of a prior membership in a public retirement system.

Identified the System’s warrant, financial and legal document signatories.

Adopted a required employer contribution rate applicable to 2026-27 payroll of 8.24%.