[{"_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",6186516,"mediaKeyId","5074629-ad6dae25f6754a4b439a568c908eb8fc","parentId",5074629,"title","PERS: Q1 market swings cut MDC value; diversification, low fees limit damage","audioSeconds",1512,"startMs",574000,"endMs",2086000,"viewUrl","/Search/View?dp=1&key=5074629-ad6dae25f6754a4b439a568c908eb8fc&start=574&end=2086","thumbnailUrl","https://assets.pipeline.soar.com/5074629-ad6dae25f6754a4b439a568c908eb8fc/thumbnail_574000.jpg","articleUrl","/articles/6186516/Mississippi/PERS-Q1-market-swings-cut-MDC-value-diversification-low-fees-limit-damage","mediaUrl","https://secure.pipeline.soar.com/6186516-4b9cb37c3c0fa9e788d2740f01128f00/orig.mp4?Expires=1771181530&Signature=D34~eVyBIEwSmQeQtNEzNAvFGcw8tBWx3OagHxSkRxHQSUAj9AMLG1YL4CMYILh5SZ5kymvGOJfx8u4O0LXrRWlZWMLhIuy2oPuam7-aOJ3x~oapp5AtfBMFrU1tky09Qul6NZKENFgqjlQ7v-zg4SsppyeFyU0z9XoXjEFchrjiybdaTTJUwairngFfcLVkqEl1k2DfSNmM4n5kAx90xa279yVTpkP6LJ8D-xQmzHvx2d~abSOx2w~wBIoAjHDSfNmHo0mYxPprKa0w159ALKSlAD1Lmq8d6pthEtmD8hLJIBHdShr8hahgp8As5bKGYj8eeGS2VOBduyDDKVks8g__&Key-Pair-Id=KUT5TJCACFTXG","author","MS Public Employees Retirement System","date","2025-06-26T05:31:22.853Z","article","Representatives from Callan gave the Public Employees Retirement System of Mississippi Investment Committee a quarterly market update, saying the MDC (Mississippi Deferred Compensation) program and the Optional Retirement Plan (ORP) saw mixed returns and net outflows in the first quarter.

Alex, Callan representative, said domestic equities weakened late in the quarter amid tariff concerns and large‑cap growth and small‑cap stocks bore much of the selloff. \"The S&P 500 had its worst quarter in a couple of years,\" Alex said, noting the index was down just under 5 percent for the quarter.

The Callan presenters said diversification limited losses. International equity, fixed income and stable value options were positive while U.S. equity segments declined, and target‑date funds with heavier fixed‑income allocations produced positive returns. John, Callan performance lead, reported the total fund for the system recovered in May, with total fund assets at about $35.1 billion and fiscal year‑to‑date returns in the high single digits.

Callan highlighted fees and implementation as stabilizing factors for participant outcomes. Alex said the dollar‑weighted net expense ratio for the MDC was about 25 basis points, materially below a marketplace benchmark of roughly 80 basis points and saving participants an estimated $14 million a year at current asset levels.

Speakers emphasized time horizons and portfolio construction. \"This follows two years when the S&P was up about 25 percent each year,\" Alex said, urging a long‑term perspective. Callan staff noted target date funds and stable value offerings acted as anchors, and private real estate in ORP (non‑listed) will respond more slowly than listed REITs in the MDC.

The committee asked several questions about real estate performance, Fed policy and geopolitics; Callan said real estate has been challenged over multi‑year horizons but listed REITs recently performed better and private real estate is appraisal‑based and slower to record gains or losses.

Why it matters: The update framed recent short‑term market volatility as part of a longer cycle and flagged areas that protected participant balances — fees, allocation and stable‑value exposure. The board will use this context for ongoing monitoring of the MDC and ORP platforms.

Less critical details: Callan reviewed manager rankings, noting most managers beat benchmarks over three‑year windows, and called out Loomis Sayles' turnaround in large‑cap growth within the MDC.","mediaType","Video","parentTitle","PERS Defined Contribution and Investment Committees | June 24, 2025 | 10 a.m.","oneSentenceSummary","Representatives from Callan gave the Public Employees Retirement System of Mississippi Investment Committee a quarterly market update, saying the MDC (Mississippi Deferred Compensation) program and the Optional Retirement Plan (ORP) saw mixed returns and net outflows in the first quarter.","taxTitle","Public Employees Retirement System of Mississippi, Agencies, Organizations, Executive, Mississippi","taxId",30991,"location","Mississippi","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},6186501,"PERS staff wins fee concession from Principal; UBS TPF chief investment officer to change",178,11736000,11914000,"/Search/View?dp=1&key=5074629-ad6dae25f6754a4b439a568c908eb8fc&start=11736&end=11914","https://assets.pipeline.soar.com/5074629-ad6dae25f6754a4b439a568c908eb8fc/thumbnail_11736000.jpg","/articles/6186501/Mississippi/PERS-staff-wins-fee-concession-from-Principal-UBS-TPF-chief-investment-officer-to-change","https://secure.pipeline.soar.com/6186501-bb1e93d5fd9a7f6136d6bd9635e3d9f9/orig.mp4?Expires=1771181530&Signature=DbtakpjMweV2yJXkH0ZBsZvH5Fd9sPI5LXQ-L1mlWnrDxu7QxA6Rt-h-ToqbL8GaUmFY-OcBAm6lKcrxRaqARTe3c2AZo1-H-0BqPNNixu1NYXAZ-1tb3fJojlKd-BLm-wuetvM0cddQr9yfr69J87uBunZ4FdXeegeGRsCwAXEi~wXd0dFz5RlEB2p92fvyyDCQtu2oEtv83s9UnKO3xrOaNvJa70~Q3bqm6hhO9GewiWYIERKL~94ahd-1JqNn9QnOJUZr-t~lXrtaPJEfwXcJY-sHMq99zRQco~A~qugmADNllWU6fP1gARlcJ~jCE8z-ZmoMmmdO0NSoTgQJJg__&Key-Pair-Id=KUT5TJCACFTXG","Jason Clark told the Investment Committee that staff negotiated a lower breakpoint and modest fee reduction with Principal Real Estate for the core U.S. property fund.

Clark said the fee breakpoint was lowered from $750 million to $500 million and the management fee at the $500 million level decreased from 73 basis points to 70 basis points, which reduces concentration risk and lowers ongoing fees for the PERS real‑estate allocation.

Separately, Clark reported that Paul Canning, long‑time UBS TPF lead, will retire effective July 1 and Larissa Belova will take over as chief investment officer. Clark said Belova joins UBS from CBRE, where she led a flagship core real estate program, and staff has spoken with her ahead of the transition.

Why it matters: The Principal fee breakpoint change reduces fees and concentration risk in a large real‑estate position. The UBS leadership change is a manager personnel note staff flagged for trustee awareness.

Less critical details: Staff thanked Principal and UBS for the cooperation and said they will continue to monitor implementation and manager transitions.","PERS staff reported a reduced fee breakpoint at Principal's core U.S. property fund (threshold cut from $750 million to $500 million, fee lowered from 73 bps to 70 bps) and said UBS TPF will name Larissa Belova as chief investment officer when Paul Canning retires July 1.",{"_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},6186506,"PERS private equity program posts long‑term gains; managers cite co‑investments and secondaries",5775,3822000,9597000,"/Search/View?dp=1&key=5074629-ad6dae25f6754a4b439a568c908eb8fc&start=3822&end=9597","https://assets.pipeline.soar.com/5074629-ad6dae25f6754a4b439a568c908eb8fc/thumbnail_3822000.jpg","/articles/6186506/Mississippi/PERS-private-equity-program-posts-longterm-gains-managers-cite-coinvestments-and-secondaries","https://secure.pipeline.soar.com/6186506-18d9821fd521cd5fdf2e0092d949a1a1/orig.mp4?Expires=1771181530&Signature=fMSmi61P7Spsp4GyKu1Wcftg8nrzfzIRhaTz6V6LayyWta2Ij-NPUB2XF2TRa6SGuAuhzT~JMlI0vgzT-N81-0Jz94GhAlYOLG7iwLkJahdzsLZeJ54dtmBee1mZ1uxrVlrDcxnHq-jvSAvOz~lGu1KF0Ari6zH8Lz~rarNlfQMYKkAveeYLEftG2Ljvcc3b38V95AXRsuBNrGFZpT7a2lHrzSQGkR-bUcdOEABleLgP6g2FQf6CYme~1VCt3LW~0SH3WgVT9GHDICeFlrKnahlzZ8CmHuff93NYMm0rNh075RokWfSMNwBrhuvkxbppqFgZ88bDtssucc1rsgeU4Q__&Key-Pair-Id=KUT5TJCACFTXG","Jason Clark and Callan staff introduced presentations from Grosvenor Capital Management and Pathway Capital on Mississippi PERS’s private equity program and recent activity.

Jason Clark said private equity represents 10 percent of the pension fund’s target allocation and currently sits about 11.4 percent of assets; the program uses two fund‑of‑one managers and nine fund series dating back to 2008. \"On a net internal rate of return basis we are at roughly the mid‑teens and about a 1.7x to 2.0x multiple life‑to‑date,\" Jason Clark said during introductions.

Grosvenor representatives (Tom Rest, Lee Brashear and Mark Roman) reviewed firm capacity and a case study on an investment that materially increased cash flows through operational improvements and private‑label contracts. They highlighted co‑investment activity and manager team stability.

Pathway partners Canyon Liu and Brian Nelson gave a detailed portfolio update. Pathway reported a net IRR of 15.8 percent and a total value to paid‑in capital of roughly 2.0x for the combined series; since inception distributions exceed contributions in recent years and the program has been cash‑flow positive since 2021. Pathway noted that direct equity (co‑investments) and secondaries have been additive to returns, with direct equities and secondaries posting returns in excess of 20 percent since inception in the Pathway account.

Pathway and Grosvenor pointed to specific exits and distributions. Pathway identified several recent M&A and IPO exits; highlights included a large IPO (Circle Internet Financial) that Pathway said generated a roughly $83 million gain for the Mississippi portfolio on a small initial position, and other M&A exits with multiples ranging from about 1.9x to over 10x on individual deals. GCM and Pathway also described a Falfurrias (Falfurrias) investment—Sour Brands (Duke's Mayo)—that produced a double‑digit multiple and a six‑year holding period from investment to exit.

Managers discussed the current market: fundraising and deal activity have been subdued after pandemic and 2022 volatility but show recovery signs; middle‑market buyouts and secondaries present opportunities given overcapitalization at the large‑cap end. Managers reiterated typical private‑equity timelines: primary investing and value creation occur in years 1–7, with distributions concentrated in years 5–10 and final wind‑down sometimes in years 12–15.

Why it matters: The private equity portfolio has materially contributed to long‑term returns for the pension fund, and staff and managers want to sustain allocations while using co‑investments and secondaries to manage fees and liquidity.

Less critical details: Pathway reported that co‑investments added about $58 million in fee and carried interest savings for PERS historically; the 2025 series increases secondary allocation target from 5 percent to up to 15 percent per staff direction.","PERS staff and managers told the Investment Committee the private equity program remains a top performer with long‑term net IRRs in the mid‑teens and a 1.7x–2.0x total value to paid‑in capital; managers emphasized co‑investments, secondaries and middle‑market focus amid subdued deal activity.",{"_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},6186511,"PERS committee approves ORP plan document changes tied to state law",140,1668000,1808000,"/Search/View?dp=1&key=5074629-ad6dae25f6754a4b439a568c908eb8fc&start=1668&end=1808","https://assets.pipeline.soar.com/5074629-ad6dae25f6754a4b439a568c908eb8fc/thumbnail_1668000.jpg","/articles/6186511/Mississippi/PERS-committee-approves-ORP-plan-document-changes-tied-to-state-law","https://secure.pipeline.soar.com/6186511-e0cad4d98dae44efd5e524f53479d2a5/orig.mp4?Expires=1771181530&Signature=fqVw4asUfXobGLF0QP5a-WxzLeb9utg4vhsF~rE4DYzRjMV6cOwT3e9SeQzrsubQKSwretJaH0Co0szHtSmD4zVk-m4TnTL7FNx1Ky2Xv04mGGF~6pkYTsMnwe5fpGgzaSPAD2fPY5p1hcI1UAVndAFg4C8V7Zq9ziIhz9PAbyHcnJFj6MohARrRQJHaOj52mXc5Mk0iB8klJa9k2im93vEbnX7EB1UDnvX49jwr7vj64J~momM2AAy8s-bx-E9k3GVfWxDT5A33kM1LIyH8lXUJjWotqUr4OIQHd2LcyyL8QE3KMXyxTxJYk3XV56PmXy7h~1C7lHJcwtWxF2No5w__&Key-Pair-Id=KUT5TJCACFTXG","Jason Clark, staff member for the Public Employees Retirement System of Mississippi, asked the Investment Committee to review and approve revisions to the ORP plan document to reflect changes in state law.

Jason Clark said the recommended revision keeps the participant contribution at 9 percent, sets the employer contribution at 14.9 percent for employees hired before July 1, 2025, and for hires after that date sets the employer contribution at up to 9 percent. Clark also described a statutory update that allows the board to set an administrative fee of up to 0.2 percent with the remainder applied to the unfunded actuarial liability (UAL). \"This recommendation is to comply with changes in state law,\" Clark said, and he reported coordination with IHL (Institutions of Higher Learning) to confirm amounts.

A motion to approve the changes was made and seconded; the committee approved the revisions by voice vote. \"Aye,\" the committee recorded; the chairman said, \"The motion carries.\" The transcript did not record roll‑call vote counts or the names of the members who formally moved and seconded the motion.

Why it matters: The revisions update plan benefit and contribution mechanics to reflect state statute changes that affect employer and participant contribution levels and administrative fee authority.

Less critical details: Clark recommended a later comprehensive review of ORP plans after the board completes work on the pension system's other tiers.","The Investment Committee approved revisions to the Optional Retirement Plan (ORP) plan document to reflect recent state law changes: participant contribution remains 9 percent; employer contribution for hires before July 1, 2025 set at 14.9 percent, and the board may set an administrative fee up to 0.2 percent.","actionData","errors"]

Article not found

PERS: Q1 market swings cut MDC value; diversification, low fees limit damage

PERS staff wins fee concession from Principal; UBS TPF chief investment officer to change

PERS private equity program posts long‑term gains; managers cite co‑investments and secondaries

PERS committee approves ORP plan document changes tied to state law