[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6629531,"mediaKeyId","2703579-e802f940ca53291acb12d034a37cb425","parentId",2703579,"title","ILM committee approves minutes and adjourns; roll calls recorded","audioSeconds",5385,"startMs",235000,"endMs",5620000,"viewUrl","/Search/View?dp=1&key=2703579-e802f940ca53291acb12d034a37cb425&start=235&end=5620","thumbnailUrl","https://assets.pipeline.soar.com/2703579-e802f940ca53291acb12d034a37cb425/thumbnail_235000.jpg","articleUrl","/articles/6629531/Hawaii/ILM-committee-approves-minutes-and-adjourns-roll-calls-recorded","mediaUrl","https://secure.pipeline.soar.com/6629531-e25a92fb4ad1145ac4debaef7d89997a/orig.mp4?Expires=1771045927&Signature=Qid7j0hWszjvQefEn-5ybRa-YPqxS3tu~iQLWbK4KuvpsgtcoGkywlbLWZ8sk~VXqwgOrwMMuZ1lAe23UNYOzGPHIuOErgAQ2zaoKSRt5ZDxSLlxesHZ~58wGZK2XtSGPldgH85kBeOTdNM4cDtPuDXIxxnbEDq1d0jPVFuKWJWb8p8DZx69f4oSdhOEawSn6~SzsS1TFACgHgvMqW~wnPIOMn4k~NLYvej-3qMph1eEFlRAtetTCI9gQNkKDLx4yIVJQSgs47wDk~pYZXjLRa-BTouSceVHaF41LAl~jL791W2NcCuBvSeviwworWyVHAdBR3JLPh99bwnhv67dYw__&Key-Pair-Id=KUT5TJCACFTXG","author","Hawaii - Task Force Created by Act 170","date","2025-03-20T02:03:59.33Z","article","The Office of Hawaiian Affairs Committee on Investments and Land Management took two formal procedural actions during the March 9 meeting: approval of minutes dated March 5, 2025, and a motion to adjourn.

Approval of minutes: Vice Chair Wahe made the motion to approve the minutes of the Committee on Investments and Land Management dated March 5, 2025; Trustee Aquina seconded. The committee recorded a roll-call vote with Trustee Ahuna excused; Trustees Akaka, Aquina, Olapa, Gallateria and Chair Souza registered assent and the chair declared the motion passed.

Adjournment: Trustee Wahe'e moved to adjourn; Trustee Lindsay seconded. A roll-call vote was taken and the chair declared the motion passed; the record shows Trustee Ahuna remained excused.

Ending: These procedural votes concluded the committee's formal business for the March 9 meeting.","mediaType","Video","parentTitle","OHA ILM MEETING - Committee on Investment and Land Management","oneSentenceSummary","The Committee on Investments and Land Management approved minutes from March 5, 2025 and later moved to adjourn; roll-call votes were recorded and the committee noted Trustee Ahuna was excused.","taxTitle","Task Force Created by Act 170, Executive , Hawaii","taxId",26072,"location","Hawaii","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6629536,"OHA updates trustees on Waikele O Puna forest reserve: restoration, access and a pending 1,900-acre grant application",233,2963000,3196000,"/Search/View?dp=1&key=2703579-e802f940ca53291acb12d034a37cb425&start=2963&end=3196","https://assets.pipeline.soar.com/2703579-e802f940ca53291acb12d034a37cb425/thumbnail_2963000.jpg","/articles/6629536/Hawaii/OHA-updates-trustees-on-Waikele-O-Puna-forest-reserve-restoration-access-and-a-pending-1900-acre-grant-application","https://secure.pipeline.soar.com/6629536-8921b5e515333b94cc47581331b3ef4c/orig.mp4?Expires=1771045927&Signature=L6V1FPC-gEiiCGd~gy571DeVRLaKH3RcoeHkEEeIx2azGX8N3jdWdRYnqz0HTbOMyPHPBVjv9bXgPTNJAE-QMIV96snF5Biig~ydtDwSiw5m1zfNRgtD2DS6dAavBf6DKK6Np-Zvvh75-799esr5lRsl6k3ckCbVqpLMuKvJXKUNfz7puLdqKF9VD~mS470pySAxD8~U40z-U~rhe3YR-4SP7SejKNYQQAGlDjkkg8gEz8KO4~DAPNmqGh20kXURcPLBo10Z-hL5XJrXU3jNGJQ18zDBiXnW70gZbM9iffRowPHebU5p~YwvsGRc9KApn9AIK31yMgaAnVXSWLHVyg__&Key-Pair-Id=KUT5TJCACFTXG","The Office of Hawaiian Affairs on March 9 presented an informational briefing on Waikele O Puna, a 25,856-acre lowland rainforest in Puna on Hawai‘i Island that OHA acquired in February 2006 and manages for conservation, cultural access and stewardship.

\"Waikele is the designation of this 25,856 acre low lying wet forest considered to be the largest intact tropical lowland rainforest in the context of The United States,\" said Lori Walker, interim director of land assets for OHA. Walker said the reserve is zoned as a state forest reserve, conservation protective subzone, and serves as a watershed recharge area for the Pahoa aquifer and as habitat and a seed bank for rare and endangered species.

OHA recounted management history and partnerships. The land was acquired in 2006 with the Trust for Public Land and the Department of Land and Natural Resources through the federal Forest Legacy Program; OHA later entered into a 10-year memorandum of agreement with DLNR to manage the reserve and has used a culturally informed comprehensive management plan approved by the Board of Trustees in 2017. The plan emphasizes community engagement, native-species protection, invasive-species control and ungulate management, and OHA staff described a co-stewardship model with partners including the Trust for Public Land, The Nature Conservancy, U.S. Fish and Wildlife Service and the University of Hawai‘i at Hilo.

Staff described recent work and funding. In 2023 a $230,000 grant from Fish and Wildlife funded ungulate fencing and allowed OHA to add 17 acres to managed, fenced units; field teams recovered cuttings from rare plants for propagation at the Volcano Rare Plant Facility, with the intent to outplant seedlings back into protected areas. OHA also has submitted a Forest Legacy grant application that would, if awarded, add about 1,900 adjacent acres to the protected footprint and increase access points; staff said grant results would be known in August 2025 and that the political climate makes grant success uncertain.

Community engagement was a central theme. OHA staff said school programs bring students from Kau, Keaau and Pahoa school districts to practice observation (kilo), seed collection and hands-on restoration work in managed units. Public testimony from Germaine Myers, an OHA beneficiary and Nanakuli Homestead lessee, urged OHA to consider K'\u001212 school field trips from Oahu; Myers provided enrollment figures to illustrate potential impact: 1,900 students across three Nanakuli schools plus 700 at a Hawaiian immersion school for a combined 2,600 students and, she said, an impact on families of 5,200 (one parent per student) to 7,800 (two parents per student).

Trustees asked technical questions about species surveys and adjacent land use. Trustees expressed particular interest in due diligence for the 1,900-acre opportunity, including botanical surveys to identify rare or endemic species and assessment of nearby quarry activity. Staff said surveys would be part of diligence if OHA proceeds with acquisition and described the neighboring quarry as privately owned.

OHA noted the board previously approved FY25 funding to construct small visitor-support facilities at Waikele (an environmental toilet, a covered gathering space and a cultivation area) that staff expect to complete later this calendar year; the restrictive zoning and remoteness limit group size and programming there, though OHA offers related engagement at Wahiawa on O'ahu.

Ending: Staff said they will return with diligence results if the Forest Legacy award is made and will continue small-scale community programming while maintaining protective zoning and restoration work.","OHA staff briefed the Committee on Investments and Land Management about Waikele O Puna, a 25,856-acre lowland rainforest reserve on Hawai‘i Island, outlining conservation work, community engagement with schools, an ongoing Forest Legacy grant application for 1,900 adjacent acres and FY25 funding for modest visitor facilities.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6629541,"OHA delegation returns from Common Fund forum with calls to expand staff and consider Hawaii-specific CPI",975,2738000,3713000,"/Search/View?dp=1&key=2703579-e802f940ca53291acb12d034a37cb425&start=2738&end=3713","https://assets.pipeline.soar.com/2703579-e802f940ca53291acb12d034a37cb425/thumbnail_2738000.jpg","/articles/6629541/Hawaii/OHA-delegation-returns-from-Common-Fund-forum-with-calls-to-expand-staff-and-consider-Hawaii-specific-CPI","https://secure.pipeline.soar.com/6629541-8a638ccae4c48a2e6809a569ee98965e/orig.mp4?Expires=1771045927&Signature=FCDkD5j--ozPlGo0AMEpslfpraVq59PIWbNst-xsIBsL-J0yRKNIc4GRMtn-EEr1ardb-EdUjeujgrZBS3NXwszwXrbYliQfajc6f-L9Rv~EhJm-wRadh5NkdY8o687DhKAOL7ISg~by88dBGt1bhNODe~10KM1NrSxmjz3~~nUySWQ2FzRpRozPTG5aAFkFvIMCMzbaZZlK7lNx71ekiXLdEn0VcE0~GyP2BoPbXJnLvlI~4628cZc46f50VU3ZxxIw-E3xjMNNlkisvrCN17OYVG-OUvNOMLevvD5UzTDeC3Z6vbfU3zFdQv-uS0y3UZM-s-~HIAU7llhNA~dC4Q__&Key-Pair-Id=KUT5TJCACFTXG","Office of Hawaiian Affairs trustees and staff who attended the Common Fund forum (March 8\u0010\u001111) reported takeaways on March 9, urging closer study of portfolio targets, staffing and local cost measures.

Endowment Director Ryan Lee told the Committee on Investments and Land Management that the conference emphasized market uncertainty, the potential weakening of fixed income as a diversifier and the continued importance of portfolio diversification. \"The market's been pretty volatile,\" Lee said, referencing recent S&P movement and uncertainty around inflation and policy. He recommended considering shorter-duration fixed-income allocations and global fixed-income exposure to manage U.S. fiscal risk.

Treasury Director Stacy Ferreira said the delegation discussed whether OHA's existing CPI-plus policy (CPI + 2.5%) reflects local cost pressures. \"I asked Ryan to work with Zoe ... to model out what a CPI would look like based off of a Hawaii consumer price index,\" Ferreira said; she noted Hawaii's CPI for February 2024 was 3.9% versus 3.2% for the U.S. \"By doing this modeling, I think that we're going to find that ... cost of business is higher because of where we live,\" she said.

Trustees and staff flagged human-resources needs for investment oversight. Multiple speakers said the endowment team is lean; staff and managers recommended adding analyst support. Stacy Ferreira said, \"Ryan needs additional assistance,\" and trustees discussed accelerating trustee training and manager meetings to align strategy with budget planning.

Delegation members also reported heightened interest in private credit, venture, secondaries and AI-related infrastructure as potential avenues for return. Several trustees expressed enthusiasm for venture exposure but emphasized mission alignment and prudent diversification.

Ending: Trustees asked staff to provide a schedule of upcoming training opportunities, to model Hawaii-specific CPI implications for the trust's return target and to evaluate resourcing for investment staff.","OHA trustees and staff summarized key takeaways from the Common Fund conference: market uncertainty, fixed-income revaluation, diversification into private credit, venture and AI, and an action to model a Hawaii-specific CPI for policy targets.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6629546,"PIMCO tells OHA trustees private credit can boost yield but carries liquidity and policy risks",2393,295000,2688000,"/Search/View?dp=1&key=2703579-e802f940ca53291acb12d034a37cb425&start=295&end=2688","https://assets.pipeline.soar.com/2703579-e802f940ca53291acb12d034a37cb425/thumbnail_295000.jpg","/articles/6629546/Hawaii/PIMCO-tells-OHA-trustees-private-credit-can-boost-yield-but-carries-liquidity-and-policy-risks","https://secure.pipeline.soar.com/6629546-5483ccab0e24bbe5bffb76ab98b75a19/orig.mp4?Expires=1771045927&Signature=VQKVgUwgJI6h84RluzczZfPTxszxfLY3INV7CFMYDopu0fc1s9XxoWmgXWS-XR1z94tRkX2YVHHnYA17wGBlJfSZyF6LzucL8NohYnQMReOmN96ODAXlOWkNkZLlvkLyZSV3zXvpwdgHfxqMbWk6p3OuYM6r~Rd~aLO~BDf1gz-rvLm~kRQeSPxUoFC3BAtHItws77GZoq-XGqz9-P4uGL5Cvjx9-PQtow9Afeqjf3D6j9A8xtUPSrjvXsWMpZ2yiOogWGBNPTYA2FunHDoo9cQ-aJIcxp9cCtOgcpq3WZkwE1Um-kmxRa5YV6Ohp~Tx0xgqdfQJ0nmoidHlGAzCMw__&Key-Pair-Id=KUT5TJCACFTXG","PIMCO portfolio managers on March 9 briefed the Office of Hawaiian Affairs Committee on Investments and Land Management about private credit, describing it as a large, heterogeneous market that can offer higher income and different risk drivers than public markets. \"Investing in private credit means effectively disintermediating the banks,\" said Jason Steiner, managing director and portfolio manager at PIMCO.

The presentation defined private credit as direct lending by nonbank institutions across corporate, residential and specialty-finance markets. PIMCO summarized the asset class as including direct middle-market lending, nonqualified mortgages, consumer specialty finance (auto, student, home-improvement and solar loans) and commercial real estate lending. The firm noted private credit has expanded since the financial crisis as banks have faced higher regulatory capital costs and some lenders moved away from holding long-duration loans.

PIMCO identified typical return and risk characteristics. \"Generally, private credit strategies, we're looking target within our strategies 8 to 12% returns over a long period of time,\" Steiner said. Managers often structure vehicles with lockups or defined lives to manage the asset-liability mismatch; speakers repeatedly emphasized illiquidity as the primary risk and recommended diversified strategies across submarkets.

As an example, PIMCO described an aircraft-leasing portfolio it underwrote to a roughly 9% unlevered return and estimated could produce about a 15% leveraged return for investors, noting diversification across aircraft and lessees as a risk-mitigation tool. The presenters described mortgages (including nonqualified mortgages), auto and student loans, equipment and specialized lending as other sizable opportunity pools.

Trustees asked how private credit fits OHA's portfolio and about oversight. Endowment Director Ryan Lee said PIMCO's tactical opportunities fund — described in the presentation as a hybrid public/private credit vehicle — sits in OHA's diversifying bucket and that current exposure to the PIMCO strategy is about $36,000,000. \"That fund is a hybrid credit strategy ... 50% public securities ... and the other 50% is in private markets,\" a PIMCO presenter said; Ryan Lee confirmed the approximate exposure figure.

Trustees pressed on governance and sourcing: whether PIMCO makes allocation recommendations and how OHA decides to increase exposure. Ryan Lee described the relationship as collaborative: managers bring opportunities and staff evaluates whether to recommend additional allocations to the board. Trustees also asked about competition from banks and the regulatory environment; PIMCO noted regulatory changes created much of the private-credit opportunity and said banks may remain cautious because laws remain in place even if enforcement shifts.

Trustees raised practical concerns such as modeling time horizons and liquidity. PIMCO described typical portfolio lives of about three to three-and-a-half years for the strategies it favors, and warned that investor expectations must account for periods of dislocation (for example, COVID) when liquidity can change quickly.

The briefing was educational in purpose; no formal investment action or vote was taken at the meeting on PIMCO recommendations. The trustees thanked the presenters and were invited to follow up through staff for additional detail.

Ending: Trustees asked staff for follow-up materials on OHA's exposure to PIMCO strategies and on due-diligence processes for private-credit allocations; staff said it would coordinate with PIMCO and with Endowment Director Ryan Lee.","PIMCO presented an educational briefing on private credit to the Office of Hawaiian Affairs Committee on Investments and Land Management, describing asset classes, risks, returns and an example aircraft-leasing strategy; trustees asked about OHA's exposure and staff resourcing.","actionData","errors"]

Article not found

ILM committee approves minutes and adjourns; roll calls recorded

OHA updates trustees on Waikele O Puna forest reserve: restoration, access and a pending 1,900-acre grant application

OHA delegation returns from Common Fund forum with calls to expand staff and consider Hawaii-specific CPI

PIMCO tells OHA trustees private credit can boost yield but carries liquidity and policy risks