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Motion to add 5% to diversified real assets ends in tie; board asks for more information
Summary
A board member moved to pursue a 5% diversified real‑assets allocation (fund and funding sources to be defined); the motion was seconded by the chair but the hand vote was a tie and the motion did not pass. Members asked for detailed fund choices, fee comparisons and an implementation timeline before reconsidering.
A board member moved that the plan pursue a defined 5% allocation to a diversified real‑assets fund, leaving the exact vehicle and pace of implementation to be decided later. The mover framed the action as a small, phased target and said funding could come from a mix of real estate and fixed income allocations. The mover stated, “The motion is to to be defined later where the money comes from, but move towards a 5% allocation to a real asset fund to be defined in the future of somewhere in the neighborhood of 5%.”
The chair seconded the motion. After discussion about operational constraints and whether to take funds from fixed income, real estate or equities, the board took a hand vote that produced a tie and the motion failed to pass; the chair noted the tie in the room. Members emphasized that they would revisit the issue once consultants provided lower‑cost vehicle options, explicit fee comparisons and an execution plan that addressed private real estate redemption timing.
