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Investment managers brief trustees; committee discusses rebalancing and real estate exposure
Summary
Adam Street, AllianceBernstein and Kellogg presented manager reports on private equity, small/mid‑cap equity and monthly performance; trustees and staff flagged a fixed‑income rebalance and a possible real estate manager addition to restore target exposures.
Trustees heard investment manager updates from Adam Street Partners (private markets), AllianceBernstein (small/mid‑cap equities) and Kellogg LLC (monthly performance) and discussed portfolio rebalancing and real estate allocations.
Adam Street Partners (Scott White) reviewed the trust's private equity exposures and said the 2022 vintage for the trust had begun to produce distributions; the manager reported about 37% of the committed capital had been drawn, portfolio TVPI at roughly 1.2x and net IRR metrics in the high teens for the vintage. Adam Street said 2025 looks like a more normalized exit environment and noted opportunities in founder‑owned small and…
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