Trustees approve pursuing Mavic real‑estate debt fund allocation after manager’s positive performance review

The board received a quarterly investment presentation showing both the fire and police plans outperformed benchmark indices in the quarter and over a 10‑year horizon. After discussing asset-allocation implications and fees, trustees voted to accept the presenter’s recommendation to pursue a commitment to Mavic, a real‑estate debt fund.

Why it matters: The presenter said a targeted allocation to real‑estate debt would round out the plans’ real‑estate exposure and could be funded from overweighted public-equity positions when capital calls occur. The presenter recommended a $1,000,000 commitment for each plan (roughly 5% of assets), citing Mavic’s fee and return profile versus a Bloomfield alternative and noting Mavic’s hurdle and fee terms.

The presenter reviewed performance numbers, allocation percentages and the expected risk/return trade-offs for the two managers. Trustees asked about timing; the presenter said Mavic’s next and final close is Dec. 10 and recommended moving now to secure an allocation if the board intends to proceed.

Motion and next steps: Trustees moved to accept the presenter’s recommendation and authorized staff to proceed with the allocation process and contract paperwork, with capital calls drawn from overweighted positions at the time of each call.

What’s next: Staff will coordinate with the presenter and Mavic’s team to complete due diligence and, if terms are approved, prepare the capital-commitment paperwork ahead of Mavic’s Dec. 10 close.