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NEPC recommends MSCI benchmarks; trustees ask for revised IPS and April performance flash
Summary
NEPC recommended switching private-market benchmarks in the investment policy statement to MSCI and presented a preliminary investment "flash" report for April 30, 2026; the board asked NEPC to revise the IPS and return the document for a vote at the next meeting.
Michael Sullivan of NEPC told the New Castle County Government Employees’ Pension Program Board of Trustees on May 20 that NEPC proposes switching private-market benchmarks from Cambridge to MSCI in the plan’s investment policy statement (IPS). NEPC will prepare the revised IPS language and circulate it to trustees for review ahead of a vote at the board’s next meeting.
NEPC also reviewed a preliminary investment performance "flash" report for the period ending April 30, 2026, and noted planned follow-ups including a December private markets report with an updated pacing plan and a search for a new private equity manager this year. The board did not vote to adopt the IPS changes at the May 20 meeting; the change will return for formal consideration after the board reviews NEPC’s edits.
Trustees and staff also discussed recent capital distributions to the pension trust. Trustee Daryl Brown asked why the Arcmont Direct Lending Fund distribution was materially large; Grace Dehel, Pension Administrator, said, "That was the liquidation from Blue Bay, and it represents the total distribution." The April distributions list included a $3,347,184.95 distribution from Arcmont Direct Lending Fund III (USD-L) SLP on 04/17/2026.
Next steps: NEPC will produce the revised IPS with MSCI benchmarks and provide it to the board for review and a vote at the following meeting. NEPC will also deliver the December private markets report and proceed with the private equity manager search.
