Board hears Marquette investment review, approves policy wording change to "private assets" and small private-equity commitment

The board heard a detailed investment review from a Marquette representative at its April 29 meeting and approved updates to the investment policy that replace the phrase "private equity" with "private assets."

Tim, a Marquette representative introduced in the meeting materials, told trustees the first quarter looked weaker on paper because of large-cap growth and hedge-fund de-risking in March but that markets had rebounded in April. "This is going to have a negative tone to it," the presenter said of the March numbers, but noted year-to-date figures had improved and that in April the S&P was showing gains. He flagged ongoing inflation conversations, the Feds recent decision to leave policy rates unchanged, and a spike in Brent crude around $120 as factors market participants were watching.

On portfolio specifics, the presenter said the trust holds roughly 2.5% in private credit and that Marquette had queried managers about exposure to headline-producing deals; the managers reported no material exposure in the trusts holdings. Marquette also described a recommended $3 million commitment to an RCP multi-strategy private-equity fund (RCPs first capital call for this commitment was $300,000). The presenter described the fund as focused on lower-middle-market companies (roughly $10 million to $250 million in revenue) and estimated deployment of the committed capital over about two years; modeled net IRR expectations were discussed (evergreen structures ~10%; this strategy modeled at ~12—13%).

Board members asked about liquidity, deployment timing and fee structures; Marquette explained that evergreen funds in the portfolio offer redemption options with notice and that private-equity gains remain largely paper gains until asset sales realize returns. Trustees also reviewed long-term allocation targets and policy ranges; a motion to replace the term "private equity" with "private assets" in the investment policy was made, seconded and approved by voice vote. The revised investment policy, including the wording change, was then approved by the board.

The record shows the board approved the policy language change and the investment-policy updates by voice vote; the transcript does not include a roll-call tally for either vote. The board discussed scheduling a follow-up meeting in October or early November for grant-round and portfolio review matters.