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SIC Meeting Materials 5-27-14

SIC Meeting Materials 5-27-14

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Published by Rob Nikolewski
Details of meeting, including notations for 45 New Mexico companies employing about 1,300 people.
Details of meeting, including notations for 45 New Mexico companies employing about 1,300 people.

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Published by: Rob Nikolewski on Aug 27, 2014
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10/21/2014

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State of New Mexico
STATE INVESTMENT COUNCIL
41 Plaza La Prensa Santa Fe, New Mexico 87507 Phone: (505) 476-9500 Fax: (505) 424-2510
STATE INVESTMENT COUNCIL MEETING AGENDA GOVERNOR’S CABINET ROOM, STATE CAPITOL SANTA FE, NEW MEXICO TUESDAY, MAY 27, 2014, 9 AM
1.
Opening Matters
a.
 
Roll call & introduction of guests (Governor Martinez, Chair) (5 min)  b.
 
Approval of agenda c.
 
Approval of minutes, April 22, 2014
2.
Investment matters: Investments Requiring Vote
(120 min)
 
a.
 
Private Equity Investment Advisory Committee report (Linda Eitzen)  b.
 
Vote: Ares Special Situations Fund IV, L.P. (Vince Smith & LP Capital) c.
 
Vote: Epic Ventures V, L.P. (Smith & Sun Mountain Capital) d.
 
Investment Committee report (Harold Lavender) e.
 
Vote: Brookfield Real Estate Finance Fund IV (Smith & Townsend) f.
 
Vote: Real Return Investment Policy update (Smith & Geraldine Barlow)
3.
Other Investment Matters: Investment Performance, Market Updates & Private Equity Reporting
(90 min)
 
a.
 
4Q Real estate performance review (Townsend)  b.
 
4Q 2013 National private equity performance review (LP Capital) c.
 
4Q 2013 NMSIC Co-Investment Fund review (LP Capital) d.
 
4Q 2013 New Mexico Private Equity Investment Program performance review (Sun Mountain) e.
 
 National private equity reporting Items (informational) f.
 
 New Mexico Private Equity Investment Program reporting items (informational) g.
 
SIC performance report, TUCS, & monthly activity summary (Smith & RV Kuhns)
4.
State Investment Officer’s Report (Steve Moise)
(10 min)
5.
Finance Matters:
 
Committee & Informational Reports: Vote/ Discussion
 (10 min) a.
 
CFO report (Brent Shipp)
6.
Governance Matters: Committee Reports: Discussion
(15 min)
 
a.
 
Governance Committee report (Scott Smart)
7.
Closing Matters
(Governor Martinez)
 
(5 min)
 
a.
 
Old or new business  b.
 
 Next Sic meeting date: Monday, June 30, 2:30 pm, Santa Fe, NM
8.
Public Comment Period
 (Governor Martinez) (10 min)
9.
Vote to Enter Executive Session
 
Pursuant to NMSA, 1978
: (Governor Martinez) (30 min) a.
 
10-15-1(H)(2) Limited Personnel Matters: employee hiring, retention & compensation  b.
 
10-15-1(H)(7) Ongoing or pending litigation: investment matters & related legal issues
10.
Adjournment
 
SUSANA MARTINEZ
GOVERNOR
STEVEN K. MOISE
STATE INVESTMENT OFFICER
ROBERT “VINCE” SMITH, CFA
DEPUTY STATE INVESTMENT OFFICER
 
Motions for voting items at May 27, 2014 SIC Meeting
Suggested wording:
(1b) Approval of Agenda I move to approve the agenda for today’s meeting. (1c) Approval of minutes I move that the State Investment Council approve the meeting minutes for April 22, 2014. (2b) Ares Special Situations Fund IV, L.P. (LP Capital)
Based upon the recommendation of the Private Equity Investment Advisory Committee, LP Capital Advisors and Staff,
 I move that the SIC approve a commitment of $75 million from the National Private Equity Program to Ares Special Situations Fund IV, L.P. (the “Fund”), and subject to and contingent upon New Mexico state law, New Mexico State Investment Council policies, negotiation of final terms and conditions and completion of appropriate paperwork. (2c) EPIC Ventures V, L.P. (Sun Mountain Capital)
Based upon the recommendation of Private Equity Investment Advisory Committee, Sun Mountain Capital and Staff 
, I move that the SIC approve a commitment of the lesser of 10% of the total committed capital (including the SIC’s commitment) or $10 million from the New Mexico Private Equity Program to EPIC Ventures V, L.P. (the “Fund”), and subject to and contingent upon New Mexico state law, New Mexico State Investment Council policies, negotiation of final terms and conditions and completion of appropriate paperwork. (2e) Brookfield Real Estate Finance Fund IV (Townsend)
Based upon the recommendation of the Council Investment Committee, the Townsend Group and Staff 
, I move that the SIC approve a commitment of $75 million to Brookfield Real Estate Finance Fund IV, subject to and contingent upon New Mexico state law, New Mexico State Investment Council  policies, negotiation of final terms and conditions and completion of appropriate paperwork. (2f) Real Return Investment Policy
Based upon the recommendation of the Council Investment Committee and staff,
I move that the SIC approve its updated Real Return Investment Policy, as presented to and discussed by members of the Council today. (9a&b) Executive Session
I move that the State Investment Council enter executive session,
 pursuant to NMSA 1978 Section 10-15-1(H)(7), to discuss ongoing or pending litigation: PE Secondary sale, investment matters and related legal issues; and to discuss as allowed under Section 10-15-1(H)(2), Limited Personnel Matters: employee hiring, retention and compensation.
 
 
ACTION SUMMARY STATE INVESTMENT COUNCIL April 22, 2014 Item Action Page #
APPROVAL OF AGENDA Approved 3 APPROVAL OF MINUTES March 25, 2014 Approved 3 INVESTMENT MATTERS: DISCUSSION OR VOTE Investment Committee report Informational 3 First Reserve Energy Infrastructure Fund II $100 million investment 3 Real Return Asset Allocation Study Approved 6 OTHER INVESTMENT MATTERS SIC performance report & monthly activity summary Informational 7 LGPF & STPF Financial Model Review Informational 7 NM Private Equity Program reporting items Informational 8 STATE INVESTMENT OFFICER’S REPORT Informational 8 FINANCE MATTERS: COMMITTEE AND INFORMATIONAL REPORTS Audit Committee report Informational 9 CFO report Informational 9 GOVERNANCE MATTERS: DISCUSSION Governance Committee report Informational 10 CLOSING MATTERS Old & New Business [none] 10 Next meeting date: 5/27/2014 10 EXECUTIVE SESSION 11 2015 COUNCIL BUDGET AUTHORIZATION 11 All SIC employees employed at SIO for more than one year, classified and GovEx, receive 3% increase Approved PUBLIC COMMENT PERIOD 11

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