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      "evidence_excerpt": "that she believes that it is in the best interest of the board to retain fiduciary counsel at this time, for an interim basis, on a month-to-month contract. After continued discussion, the trustees decided to delay the selection of fiduciary counsel until an RFP is prepared and posted. A motion was made by Trustee Hopkins and seconded by Trustee DiGiacinto to hire the law firm of Reimer & Dobrovolny as General Counsel and the law firm of Puchalski Goodloe Marzullo (PGM) as Conflict Counsel. Trus",
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      "evidence_excerpt": "mittee at the January 28, 2022 meeting and was recommended to the full Board for approval. A copy of the draft RFP was included in the agenda packet for Board review. All questions were answered by Executive Director White. Trustee Holleb recommended that the RFP indicates that the Board is only interested in accepting proposals from firms that can provide both annual financial auditing services and the Illinois Police Officers\u2019 Pension Investment Fund Board of Trustees Meeting Minutes February ",
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      "evidence_excerpt": "es \u2013 Investment Committee June 16, 2022 Page 2 Minutes A draft of the February 17, 2022, minutes of the Investment Committee meeting was sent to the committee members for review. On a motion by Trustee Blackburn, seconded by Trustee Peronto, the minutes were approved by unanimous voice vote. Documentation is on file. Investment Portfolio Summary Stan Rupnik provided the final March 31, 2022, investment manager charts. Documentation is on file. MWBE Utilization Report Jose Gonzalez provided preli",
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      "evidence_excerpt": "es \u2013 Investment Committee August 11, 2022 Page 2 of 4 Minutes A draft of the June 16, 2022 minutes of the Investment Committee meeting was sent to the committee members for review. On a motion by Trustee Blackburn, seconded by Trustee Byas, the minutes were approved by unanimous voice vote. Documentation is on file. Investment Portfolio Summary Stan Rupnik provided the preliminary June 30, 2022 investment manager charts. Documentation is on file. MWBE Utilization Report Jose Gonzalez provided pr",
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      "evidence_excerpt": "mmercial Workers provided comments concerning Apollo. Minutes A draft of the October 26, 2023 minutes of the Investment Committee meeting was sent to the committee members for review. On a motion by Trustee Hunt, seconded by Trustee Strand, the minutes were approved by unanimous voice vote with Trustee Mena absent at the time of the vote. Documentation is on file. Investment Portfolio Summary Stan Rupnik, Executive Director & CIO, introduced new Investment department staff. Stan Rupnik provided ",
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      "evidence_excerpt": "iewed by Staff, and if applicable, the Consultant. The concerns or complaints along with the managers\u2019 responses will be considered, and if warranted, Staff will take appropriate action pursuant to Staff\u2019s fiduciary duties, including adding the manager to the Watch List. Additionally, if contact is made to an individual Trustee by a third-party during a manager, consultant, or other professional search process, including RFP and RFI, the Trustee must work with the TRS Ethics Officer to prepare a",
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      "evidence_excerpt": "ormation Only) (Memo dated March 16, 2026) The Board received an information only memo reporting that LACERA\u2019s Chief Investment Officer, consistent with Board parameters and policies, approved a $190 million commitment to Bregal Sagemount V, L.P., which is a private equity growth fund focusing on investments in the software and tech-enabled services, business services, and information and data services sectors, primarily in North America. XIII. ADJOURNMENT",
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      "evidence_excerpt": "5 Total Fund Investment Fee Breakdown Total Investment Fees by Category1,2 \u2022 Total investment fees increased to $927 million, driven by growth across all expense categories during the fiscal year \u2022 Carried interest represents the largest increase, up $78 million from the prior fiscal year, primarily due to strong performance in Credit and Diversified Hedge Funds",
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      "evidence_excerpt": "erapy \u2013 child Not covered $2,240** Orthodontic therapy \u2013 adult Not covered $2,840** * \u0007Cigna network dentists are reimbursed according to a Fee Schedule or Discount Schedule. For non-network dentist, plan will reimburse according to the Maximum Reimbursable Charge for the procedure, in the geographic area. The dentist may balance bill up to their usual fees. Procedure with high noble metal are cover",
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          "excerpt": "nd present generations, each of us must be willing to give unstinted help to others.\u201d Keep Reading News & Resources All News Spotlight March 2026 Grants will help strengthen the capacity of faith-based organizations to respond to disasters Lilly Endowment has approved 30 grants to help faith-based organizations enhance their efforts to provide aid to those affected by disasters in communities throughout the United States. March 2026 New grants fund large-scale capital projects at Indiana residential camps Lilly Endowment has approved a new round of grants totaling more than $155 million to help residential youth camps in",
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      "evidence_excerpt": "\u0007Source: \u201cMyth: Active Management Performs Better in Bear Markets\u201d trading costs and fees are applied. This implies that in aggregate, active managers Vanguard 2018. will underperform the market by an amount equal to fees and expenses. A 2018 8 \u0007Vanguard\u2019s note does not cover",
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      "evidence_excerpt": "ill consist of public equities and a cash overlay strategy. The Executive Director may also utilize cash overlay strategies for the purposes of facilitating total portfolio rebalancing and enhancing portfolio liquidity. Additionally, the Executive Director is authorized to implement a currency overlay strategy to more effectively manage the portfolio non- dollar exposure. -3- The fifth action item is to authorize the Executive Director to make contractual or investment guideline changes to build",
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      "evidence_excerpt": "ee global equity managers. Staff also proposed to add a currency overlay manager to assist in the management of the non-dollar currency exposure in the Combined Fund\u2019s portfolio. The third item pertains to the allocation target for Private Markets. The Board approved a resolution allowing the Combined Funds portfolio to hold private market investments up to the statutory maximum of market value level of 35%, despite retaining a target allocation of a market value level of 25%. In addition, the B",
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      "evidence_excerpt": "materials and reviewed three private markets recommendations: Blackstone Capital Partners Asia III L.P.; Sixth Street Opportunities Partners VI, LP; and Trident X US Fund, L.P. On the motion of State Auditor Julie Blaha, the recommendations listed below were approved. The following terms apply to these recommendations: It is understood that 1) such a commitment will not exceed 20% of the Fund and 2) an additional amount not to exceed one percent of the total commitment for the payment of require",
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      "evidence_excerpt": "$4.60 $1.65 -$2.95 Total $341.10 $289.41 -$51.69 1 Reported fees are calculated by Investment Accounting from the invoices received to- date. 2 Reported fees are estimated based on each manager\u2019s fee schedule and month-end account balances provided by the Final BNY Mellon performance reports. 3 Reported fees are estimated based on the derivative financing rate and the beginning of month notional value of derivatives.",
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          "excerpt": "fees are much higher than for traditional public market investments \uf0ae Hedge fund managers charge fees both on the amount of assets in the fund and the amount of profit they make. \uf0b7 The average rates are a management fee of 1.5% of AUM in addition to a 17% performance fee. \uf0ae The high fees charged by hedge funds present a larger hurdle for producing positive returns than investors face with traditional managers. \uf0b7 Further, the incentive fee (i.e., the carry) is asymmetrical in its reward",
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