On the agenda: Concord Packet — Data Center (Sep 16)

AGENDA
RETIREMENT BOARD MEETING
REGULAR MEETING
September 16, 2026
9:00 a.m.

Board Conference Room
1200 Concord Avenue, Suite 350
Concord, California

THE RETIREMENT BOARD MAY DISCUSS AND TAKE ACTION ON THE FOLLOWING:
1.

Pledge of Allegiance.

2.

Public Comment (3 minutes/speaker).

3.

Approve minutes from the August 19, 2026 meeting. (Action Item)

4.

Fiduciary and Ethics Education Refresher presented by Nossaman LLP. (Presentation
Item)

5.

Review of Infrastructure and Real Assets. (Presentation Item)
a. Presentation from Staff
b. Presentation from StepStone

6.

Reports. (Presentation item)
a. Trustee reports on meetings, seminars and conferences.
b. Staff reports

7.

The next meeting is currently scheduled for October 7, 2026 at 9:00 a.m.
Adjourn

The Retirement Board will provide reasonable accommodations for
persons with disabilities planning to attend Board meetings who
contact the Retirement Office at least 24 hours before a meeting.

Meeting Date
09/16/2026
Agenda Item
#3

RETIREMENT BOARD MEETING MINUTES
REGULAR MEETING
August 19, 2026
9:00 a.m.

Board Conference Room
1200 Concord Avenue, Suite 350
Concord, California

BOARD MEMBER CANDACE ANDERSEN PARTICIPATED IN THE BOARD MEETING VIA
TELECONFERENCE AT THE LOCATION LISTED BELOW.
TELECONFERENCE LOCATION:
1516 Kamole Street
Honolulu, HI 96821
Present:

Candace Andersen, Dennis Chebotarev, Mario DiPrisco, Scott Gordon, Jerry
Holcombe, Louie Kroll, David MacDonald, Dan Mierzwa, Mike Sloan, and Samson
Wong

Absent:

Donald Finley and Eswar Menon

Staff:

Christina Dunn, Chief Executive Officer; Colin Bishop, Deputy Chief Executive
Officer; Karen Levy, General Counsel; and Timothy Price, Chief Investment Officer

Outside Professional Support:
Colin Bebee
Alex Khorsandian
Brad Ramirez
Eva Yum

Representing:
Meketa Investment Group
Meketa Investment Group
Segal Consulting
Segal Consulting

1. Pledge of Allegiance
The Board, staff and audience joined in the Pledge of Allegiance.
2. Accept comments from the public
No member of the public offered comment.

Page 2
August 19, 2026
3. Review of total portfolio performance for period ending June 30, 2026
a. Bebee reviewed the total portfolio performance for period ending June 30, 2026.
b. Price discussed the total portfolio performance for period ending June 30, 2026.
4. Consider and take possible action to adopt the December 31, 2025 Valuation Report and
contribution rates for the period July 1, 2027 – June 30, 2028
It was M/S/C to adopt the December 31, 2025 Valuation Report and contribution rates for
the period July 1, 2027 – June 30, 2028. (Yes: Andersen, Chebotarev, DiPrisco, Gordon,
Holcombe, Kroll, MacDonald, Mierzwa, and Wong)
5. Consider and take possible action to amend CCCERA’s Interest Crediting Policy
It was M/S/C to amend CCCERA’s Interest Crediting Policy. (Yes: Andersen, Chebotarev,
DiPrisco, Gordon, Holcombe, Kroll, MacDonald, Mierzwa, and Wong)
6. Report from Audit Committee Chair on August 5, 2026 meeting
Mierzwa reported on the August 5, 2026 Audit Committee meeting.
7. Reports
a. Trustee reports on meetings, seminars, and conferences – MacDonald reported
on his attendance at the NASRA Annual Conference, August 8-12, 2026, Boston,
MA. He stated it was a very good and informative conference, well worth
attending.
b. Staff reports – Dunn reported on the roll out of the Member Self-Service Portal
stating it is going well.
8.

The next meeting is currently scheduled for September 2, 2026 at 9:00 a.m.
It was M/S/C to adjourn the meeting. (Yes: Andersen, Chebotarev, DiPrisco, Gordon,
Holcombe, Kroll, MacDonald, Mierzwa, and Wong)

_________________________
Jerry R. Holcombe, Chairperson

________________________
Scott W. Gordon, Secretary

Meeting Date
09/16/2026
Agenda Item
#4

Fiduciary and Ethics Education Refresher
Presentation to the Board of Retirement
Contra Costa County Employees’ Retirement Association
September 16, 2026

Your Presenter

Ashley K. Dunning, CCCERA Fiduciary Counsel
Co-Chair, Pensions, Benefits & Investment Group
Nossaman LLP
2

Overview
• Fiduciary Fundamentals
• Ethics for Public Officials
• A focus on Government Code sec. 1090

3

Fiduciary Fundamentals
• A “fiduciary” under the common law of trusts applicable to CCCERA is a
person who exercises discretion over the administration or investments of the
retirement system.
• All CCCERA Board members and officers:
• are fiduciaries
• who thus owe duties of care and loyalty
• to CCCERA members and their qualified beneficiaries
• with respect to the benefits due to them
• by the retirement system.

4

Fiduciary Fundamentals:
Duties owed to CCCERA members
• Duty of loyalty – act in the overall best interest of CCCERA
members and beneficiaries with respect to CCCERA benefits to
which they are entitled by law
• Duty of care – act as a prudent fiduciary with experience in a similar
enterprise

• Duty to diversify investments – seek to maximize risk-adjusted
returns of CCCERA
• Duty to assure competency of retirement system assets to pay
promised benefits
• Duty to defray reasonable administrative expenses needed to
accomplish the necessary work of the Board
• Duty to administer plan in accordance with plan terms and other
applicable law
5

Duty of Loyalty: “One-Hat” Rule
• Putting a plan sponsor’s, union’s, trustee’s, or anyone
else’s, interests, ahead of the overall best interests of
system members and beneficiaries in the security of their
authorized CCCERA benefits would be a breach of duty.
• Basically, a conflict-of-interest rule—fiduciaries cannot have
conflicting loyalties. A fiduciary has a duty not to use or deal with trust
assets for the fiduciary’s profit, the benefit of a third person, including
that of the plan sponsor/settlor, or for any other purpose unconnected
with the trust.
See generally, O’Neal v Stanislaus County Employees’
Retirement Association (2017) 8 Cal.App.5th 1184, 1209, 1218
6

Fiduciary vs. Settlor Functions
• Not every decision made about CCCERA is a fiduciary decision.
• Some decisions are instead “settlor” decisions.
• Comes from common law of trusts
• Refers to the party who “settled” the trust
• In CCCERA context, Contra Costa County is the settlor of the plan, and the
participating employers, including CCCERA itself as a “district,” may have
some ability to design certain aspects of the plan (e.g., though adopting, or
not, provisions of CERL).

7

Fiduciary vs. Settlor Functions
• Settlor functions generally include the
adoption, amendment, and termination
of the plan.
• Officers of the plan sponsor may wear
both “hats”—having both settlor and
fiduciary responsibilities.
• However, when acting as a CCCERA
Trustee, even officers of the plan
sponsor (e.g., the County) wear only
their fiduciary “hat”.
8

What Decisions Are Fiduciary and
What Decisions Are Not?
Examples of Settlor Actions*

Examples of Fiduciary Actions

• Determining the formulas for
benefits under a plan

• The selection (and monitoring) of plan
investments

• Determining which employees
will be covered by a plan

• The selection (and monitoring) of plan
service providers

• The decision to offer matching
contributions

• Administration and interpretation of plan
terms

• The decision to terminate a plan

• The expenditure of plan assets
generally, including payment of plan
fees and expenses

*All actions need to comply with CERL,
PEPRA and any other applicable laws.

• Timely and accurate delivery of benefits

9

Fiduciary Fundamentals in a Nutshell

FIDUCIARY GOAL: The Board and its delegees must use informed
judgment and act in the overall best interest of system
members/beneficiaries in a manner that is consistent with applicable
laws when exercising its plenary authority over administration and
investments, and its actions in that regard may not be “arbitrary” or
“capricious” and must be rationally related to the information
presented to the Board.

10

Ethics for Public Officials: includes training on, among
other topics, conflicts of interest in contracting
• Public officers and employees shall not be financially interested in any contract
made by them or by any body/board of which they are members (Gov. Code
Sec. 1090)
• Board members are presumed to be involved in all contracts under Board’s
jurisdiction
• Even disqualification or recusal of the interested member will not allow the
board or board to make the contract unless an exception applies

• Interested employees may not participate
• Individuals also may not “aid or abet” a violation of Section 1090 by any public
official or employee
11

Conflict of Interest in Contracting
Analysis under Section 1090
• Public officer or employee?
• Is there a contract? Broadly defined
• Involved in making a contract?
• Developing, negotiating, modifying and soliciting bids
• Financial Interest?
• Direct or indirect, positive or negative.
• Does an Exception Apply?
• Non-Interest

• Remote Interest
• Rule of Necessity? Only for essential services
• Violation to aid or abet another’s violation
12

Conflict of Interest in Contracting Exceptions
• “Non-Interests” exceptions under section 1091.5 include, among others:
̶

“Governmental salary” exception (1091.5(a)(9)), so long as:
• No change in compensation to public employee; and
• Contract is not with, nor “directly affects,” employee’s own department
̶

“Public services generally provided by the board” (1091.5(a)(3))

̶

Reimbursement by official’s agency for actual and necessary expenses incurred in the performance
of public duties (1091.5(a)(2))
̶

The ownership of less than 3 percent of the shares of a corporation for profit, provided that the total
annual income to him or her from dividends, including the value of stock dividends, from the
corporation does not exceed 5 percent of his or her total annual income, and any other payments
made to him or her by the corporation do not exceed 5 percent of his or her total annual income
(1091.5(a)(1))
̶ This is section 1090’s “small shareholder exception.”

13

Conflict of Interest “Small
Shareholder” Exceptions

• Note: The “small share holder exception” in the Political Reform Act
(“PRA”) (as opposed to Section 1090) contains much lower thresholds for
the exemption from conflicts:
• The official’s only financial interest in the business in an
“investment interest” under Section 87103(a) valued at $25,000
or less; and
• The official’s interest in the business is less than one percent of
the business’s shares, unless
• The decision may result in an increase or decrease in the entity’s
annual gross revenues, or the value of the entity’s assets or
liabilities, in an amount equal to or more than:
• $1,000,000; or
• 5% of the entity’s annual gross revenues and the increase or
decrease is at least $10,000.
• Thus, in circumstances of an investment in excess of $1 million, the PRA
requires disclosure and recusal of a trustee or staff member from such a
decision even where they own stock in the company that is valued at less
than $25,000. (See generally, FPPC enforcement actions.)

14

Conflict of Interest “Small
Shareholder” Exceptions
• While section 1090 “small shareholder exception” has much
higher financial thresholds than the PRA and thus would not
require recusal or other actions as to stock ownership below those
thresholds, that exception does not apply to a public official or
employee’s interest in a limited partnership, in which CCCERA
also is invested.

• As to a limited partnership interest, then, the trustee would
need to sell the interest or resign from the board for CCCERA
to be able to make such an investment in the same fund.
• Similarly, trustees and staff are not permitted to invest in
limited partnership in which CCCERA already is invested.
(See Plescia Opinion (89 Ops. Cal. Atty. Gen. 69 (2006).)
• Note the enhanced risk of potential conflicted transactions under
section 1090 with private markets potentially opening to retail
investors
15

Conflict of Interest in Contracting Exceptions
• “Remote” interests under section 1091 include 18 exceptions, including, among others:
• officers or employees of nonprofit entities exempt under 26 U.S.C. § 501(c)(3) or (5) (1091(b)(1));
• employees or agents of the contracting party who have at least three years of prior employment, where the
contracting party has at least 10 employees, the official owns less than 3% of its stock, and did not participate in
the bid ((1091(b)(2));
• landlords or tenants of the contracting party (1091(b)(5));

• attorneys, or owners, officers, employees, or agents of firms providing services as stockbrokers, insurance agents
or brokers, or real estate agents or brokers, provided they receive no remuneration from the contract and hold at
least a 10% ownership interest in the firm (1091(b)(6));
• persons receiving salary, per diem, or expense reimbursement from a government entity (1091(b)(13));
• persons owning less than 3% of shares in a for-profit contracting party, where that ownership derives from
employment (1091(b)(14));
• owners or partners of firms serving as appointed members of unelected boards or commissions of the contracting
agency, subject to recusal from advising on or participating in the contract. (1091(b)(17).)

16

Conflict of Interest – “Remote”
Interest Exceptions
• Where an interest qualifies as “remote,” the
official may comply with section 1090 by:
(1) disclosing the interest to the body or board,
(2) having it noted in the official records, and
(3) abstaining from voting on and refraining
from attempting to influence other members
regarding the contract.

17

Conflict of Interest – “Remote” Interest Exceptions
• A specific “remote” (or non) interest provision must apply for recusal to be a
sufficient remedy, and courts and the Attorney General tend to apply such
statutory provisions narrowly (i.e., only to those financial interests that are
directly addressed in the exceptions).
• A governing board may not avoid a Section 1090 conflict by adopting a policy
delegating its authority to a non-board member where the governing board
retains review and control over said delegated authorities. (See Aghazarian
Opinion (87 Ops. Cal. Atty. Gen. 9 (2004)).)

18

Consequences of violation of Section 1090
• Contract is void
• Profits obtained in violation of section 1090 are subject to disgorgement
• Board member recusal is NOT a permissible remedy (unless a remote interest
exception directly applies)
• Board member with a material financial interest as defined by section 1090, and
where a remote interest exception does not apply, must either timely dispose of
financial interest or resign from Board
• Violation is subject to felony prosecution that, if proven, can result in
imprisonment of the public official and fines
19

Hypothetical no. 1 re investment topics
• CCCERA is considering allocating $100 million to a public markets investment
strategy to be managed by Hypothetical Investment Manager (“HIM”).
• Trustee A owns between $100,000-$1,000,000 in stock in HIM. Annual income to that
trustee from these stock dividends and otherwise provided by HIM is more than 5% of her
total income.

• Trustee B owned between $2,000-$10,000 in stock in 2025 and he has purchased
additional stock during 2026. He now owns stock valued at $30,000 in HIM. Annual
income to this trustee from these interests in HIM is less than 4% of his income.

• What steps should these trustees, and CCCERA, take with respect to
CCCERA’s potential investment in HIM?

20

Hypothetical no. 2 re investment topics
• CCCERA is also considering allocating $100 million into Venture Capital Fund
(“VC Fund”), which is in private markets. The fund is structured as a Limited
Liability Partnership, and CCCERA would be a limited partner.
• Trustee A is a limited partner in VC Fund, and the value of the trustee’s interest is over
$2,000, but less than 1% of the total VC Fund.

• Trustee B is considering investing as a limited partner in VC Fund.

• What steps should these trustees, and CCCERA, take with respect to
CCCERA’s potential investment in the VC Fund?

21

Hypothetical no. 3 re investment topics
• CCCERA also has allocated $50 million into a private credit fund sponsored by
High Return Company (“HRC PC Fund”), which is also in private markets. The
HRC PC Fund is structured as a Limited Liability Partnership, and CCCERA is
a limited partner.
• Trustee A is considering a potential personal investment in a private equity fund (“PE
Fund”) that is sponsored by HRC.
• Trustee B owns between $2,000-$10,000 in HRC stock.

• What steps should these trustees, and CCCERA, take with respect to the
topics raised in this hypothetical?

22

Fiduciary and Ethics Guidance
• The Board’s Code of Fiduciary Conduct and Ethics provides an
excellent framework and guide for all retirement system trustees and
staff on the topics it covers– and it should be a frequently referenced
source of guidance for all.

23

Questions?

24

Thank you for your time

Ashley K. Dunning, CCCERA Fiduciary Counsel
Co-Chair Pensions, Benefits & Investment Group
Nossaman LLP
50 California Street, 34th Floor, San Francisco, CA 94111
415.398.3600 | [email protected]
25

CONTRA COSTA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION
CODE OF FIDUCIARY CONDUCT AND ETHICS

WHEREAS, the National Conference on Public Employee Retirement Systems has published
NCPERS’ Model Code of Ethics, the Guiding Principles of which are as follows:
1. Service to the beneficiaries of public pension funds is the primary function of public
pension fund trustees.
2. The beneficiaries of public pension funds are sovereign and the trustees of those
funds are ultimately responsible to them.
3. In those situations where the law is not clear, the best interests of the fund
beneficiaries must be served. Conscience is critical. Good ends never justify
unethical means.
4. Efficient and effective administration and investment management is basic to public
pension funds. Misuse of influence, fraud, waste or abuse is unacceptable conduct.
5. Safeguarding the trust of fund beneficiaries is paramount. Conflicts of interest,
bribes, gifts or favors which subordinate fund trustees to private gains are
unacceptable.
6. Service to public pension fund beneficiaries demands special sensitivity to the
qualities of justice, courage, honesty, equity, competence and compassion.
7. Timely and energetic execution of fiduciary responsibilities is to be pursued at all
times by pension fund trustees.
WHEREAS, the California Political Reform Act of 1974 (“PRA”) and California Government
Code section 1090, et seq. (“Section 1090”) set forth specific circumstances that require public
officials to disqualify themselves from making, participating in, or attempting to influence
governmental decisions which may affect any of their financial interests.
NOW, THEREFORE, BE IT RESOLVED, that the Board of the Contra Costa County
Employees’ Retirement Association (the “Board”) hereby adopts the following Code of
Fiduciary Conduct and Ethics:

1

PREAMBLE
The Contra Costa County Employees’ Retirement Association (“CCCERA”) is a public pension
plan organized under the County Employees Retirement Law of 1937 (California Government
Code Section 31450, et seq.)(“CERL”).
The administration of CCCERA, and the investment of CCCERA trust assets, are vested in the
Board. (California Constitution, Article XVI, Section 17 (“Cal. Const., Art. XVI, Sec. 17”).)
All members of the Board (“Board Member”) shall discharge their duties with respect to the
system solely in the interests of, and for the exclusive purposes of providing benefits to,
participants and their beneficiaries, minimizing employer contributions thereto, and defraying
reasonable expenses of administering the system, with the duty to the participants and
beneficiaries taking precedence over any other duty. (Cal. Const., Article XVI, Sec. 17, subsec.
(b).)
The Board Members are mindful of the positions of trust and confidence held by them. They
adopt this Code to ensure the proper administration of CCCERA, and to foster unquestioned
public confidence in CCCERA’s institutional integrity as a prudently managed and fiduciarily
governed public pension system.
CCCERA’s Code of Fiduciary Conduct and Ethics provides a fiduciary framework for the
proper conduct of CCCERA’s affairs.
1.

Fiduciary Duties.
All Board Members shall execute their duties as set forth in Cal. Const., Art. XVI, Sec. 17 and
CERL, with the care, skill, prudence, and diligence under the circumstances then prevailing that
a prudent person acting in a like capacity and familiar with these matters would use in the
conduct of an enterprise of a like character and with like aims.
All Board Members shall diligently attend to the business of the Board and shall not leave to
other Board Members control over the administration of the affairs of the Board.
All Board Members shall comply with CCCERA’s Code of Fiduciary Conduct and Ethics.

2.

Fiduciary Conflicts of Interest.
Each Board Member shall abide by the provisions of Section 1090, which prohibits Board
Members from being financially interested, directly or indirectly, in any contract made by the
Board.

2

All Board Members shall abide by the provisions of the PRA, Government Code sections 81000,
et seq., including section 87100 which prohibits Board Members from making, participating in
making, or using their positions to influence Board and CCCERA decisions in which they have a
financial interest.
No Board Member shall engage in any employment, activity, or enterprise for compensation
which is inconsistent, incompatible, or in conflict with, their duties as a Board Member, or with
the duties, functions, or responsibilities of the Board.
No Board Member shall perform any work, service, or counsel for compensation outside their
Board responsibilities where any part of their efforts will be subject to approval by any other
members of the Board on which they serve, unless a statutory exception to this prohibition
applies.
Each Board Member shall abide by the provisions of PRA, which require the public disclosure of
economic interests as prescribed therein.
In keeping with the provisions of the California Government Code, no Board Member may
become an endorser, surety, or obligor on, or have any personal interest, direct or indirect, in the
making of any investment for the Board, or in the gains or profits accruing therefrom. These
people are prohibited from having any financial interest in any contract made by them in their
official capacity and from making or influencing official decisions in which they have a financial
interest.
As also required by California law, no Board Member may sell investment products to any
public retirement system in California.
Each Board Member shall strive to avoid activities which may impair the ability to exercise
independent judgment in the discharge of official duties.
In order to maintain the highest standards of conduct and ethics above the minimum
requirements of the California Government Code and to avoid even the appearance of a conflict
of interest, each Board Member should conduct official and private affairs so as to avoid giving
rise to a reasonable conclusion that they can be improperly influenced in the performance of their
public duty.
Board Members shall be accountable for recognizing a potential or actual conflict of interest and
for disqualifying themselves from making, participating in, or attempting to influence Board
decisions which may affect any of their financial interests. Immediately prior to the Board’s
consideration of the matter, a Member shall publicly disclose the actual or potential conflict in
detail sufficient to be understood by the public, recuse himself or herself from acting on the
matter, and, except in the case of consent items, leave the room until the matter is concluded.
Disclosure during Board meetings may be made 1) orally or 2) by handing a written statement to
the Chairperson of the Board, with a copy to all trustees and the Chief Executive Officer (CEO).
Such a disclosure shall be reflected in the official record of the meeting.

3

3.

Limitations on Gifts, Honoraria and Personal Loans; and Disclosure of Gifts on the
Record.
Each Board Member and designated staff shall comply with the gift limitation provisions and the
prohibition on acceptance of honoraria under California Government Code Sections 89500 et
seq.
Each Board Member and designated staff shall abide by the loan limitation provisions of
California Government Code Sections 87460 et seq., which prohibits receiving personal loans
from any officer, employee, member, consultant, or contractor with the CCCERA.
In addition to the minimum gift limitation requirements of California Government Code Sections
89500 et seq., Board Members shall not accept or solicit gifts, favors, services or promises of
future benefits which might compromise or impair the Board Member’s exercise of independent
judgment, or which the Board Member knows, or should know, are being offered with the intent
to influence that Board Member’s official conduct.
If a Board Member or designated staff has received gifts of $75.00 or more in the current
calendar year from a person, firm or entity conducting business or seeking to conduct business
with the CCCERA Board, immediately before the Board considers an item involving that donor,
the Board Member or designated staff shall disclose on the record the receipt of the gift(s), the
donor’s name, and the nature and value of the gift(s).
If CCCERA has received a gift(s) (i.e., of travel, admission to seminars, tickets to events, use of
sporting facilities, entertainment) of $75.00 or more in the current calendar year from a person,
firm or entity, at the time the Board considers assignment to a particular Board Member or
designated staff, the CEO shall disclose on the record the original donor’s name, and the nature
and value of the gift(s).

4.

Contacts with Vendors, Consultants and Advisors.
(a)

Prospective Vendors, Consultants and Advisors. During the time when CCCERA is
in the process of selecting a vendor, consultant or advisor (a “service provider”), no
member of the CCCERA Board or staff shall accept any gifts, favors, or services from
any current or prospective service provider that the Board Member or staff knows has
responded to a Request for Proposal, or is otherwise a candidate in a non-RFP selection
process. During the time when CCCERA is in the process of selecting a vendor,
consultant or advisor, no Board Member or member of CCCERA staff shall accept any
gift, benefit or service from CCCERA if it was donated to CCCERA by a current or
prospective service provider that the Board or staff knows has responded to a Request for
Proposal or is otherwise a candidate in a non-RFP selection process. Furthermore, each
Board Member shall refrain from any discussions with any current or prospective service
provider who is a finalist in the selection process regarding the Request for Proposal
outside of an open public meeting, other than as part of a regularly scheduled interview
during the selection process.

4

(b)

5.

Existing Vendors, Consultants and Advisors. Business meetings and discussions,
including meetings which include meals, with current vendors, consultants and advisors
(“service providers”) may provide useful information of benefit to the Board Member,
and are not prohibited by this Code of Fiduciary Conduct and Ethics.

Use of CCCERA Resources and Facilities for Private Gain.
Board Members shall not use Board consultants or staff, or CCCERA facilities, equipment,
materials or supplies for any purpose other than the discharge of their responsibilities to the
retirement system.

6.

Use of Official Position.
Board Members shall not use their Board position either to negotiate on behalf of the CCCERA
Board outside of any process established for that purpose or to become involved in personnel
matters. Furthermore, Board Members shall not use their official position to secure a special
privilege or exemption for themselves or on behalf of others.

7.

Confidential Information.
Board Members shall not obtain or use for personal reasons or for private gain any confidential
information acquired as a result of their position as a member of the Board.
Each Board Member shall abide by the provisions of Government Code section 54963, which
prohibits the disclosure of confidential information acquired during authorized closed sessions.

8.

Conduct at Retirement Board Meetings.
The CCCERA Board shall provide fair and equal treatment for all persons and matters coming
before the Board or any Board committee.
Board Members shall listen courteously to all discussions at meetings and avoid interrupting
other speakers, including other Board Members, staff or committee members, except as may be
permitted by established Rules of Order.
Board Members shall refrain from abusive or disruptive conduct, personal charges or verbal
attacks upon the character, motives, ethics, or morals of others.

9.

Communications with Service Providers and other Non-CCCERA Persons and Entities.
Board Members shall be respectful of the Board and its decisions in all external communications,
even if they disagree with such decision.
Board Members shall indicate when they are speaking in a capacity as a Board Member or in
another capacity in their external communications.

5

A. Board Members shall not correspond with a non-CCCERA person or entity in an official
capacity as a spokesperson on behalf of the Board unless the communication is
authorized by the Board. This rule does not apply to communications by and between the
Board’s elected officers and non-CCCERA persons or entities in the ordinary course of
conducting CCCERA’s business.
B. Subject to C below, copies of all written communications from a Board Member to a
current service provider (vendor, consultant or advisor), or person or entity related to a
current service provider, relating to CCCERA’s business (other than purely personal or
social correspondence) shall be provided to the CEO for subsequent distribution to all
members of the Board or posting in the CCCERA Dropbox file for review by Board
Members.
C. Subject to (i) below, a copy of any written CCCERA business-related communication
(other than routine announcements, generally distributed newsletters, and similar
material) received by a Board Member directly from a current CCCERA service
provider, or person or entity representing a current service provider, which after
reasonable inquiry the Board Member determines was not received by any other Board
Member, shall be forwarded to the CEO for subsequent distribution to all members of the
Board or posting in the CCCERA Dropbox file for review by Board Members.
(i)
Sub paragraph C does not apply to receipt of draft presentation materials for
review by the Board’s elected officers or Board committee members in the course of
reviewing proposed CCCERA agenda item materials for presentation to the CCCERA
Board.
10.

Communications with Plan Members.
Board Members shall be aware of the risk of communicating inaccurate information to plan
members (including active, retired, and deferred members) and their beneficiaries, and the
potential exposure to liability and possible harm to a plan member that may result from such
miscommunications.
Board Members shall mitigate the risk of miscommunication with plan members and their
beneficiaries and thereby avoid creating additional plan liability by refraining from providing
specific advice or counsel with respect to the rights or benefits to which a plan member may be
entitled under the CCCERA plan. To that end, any Board Member communication to three
or more members of the public shall include the following disclaimer: “The following
statement has not been authorized by CCCERA or its Board. It reflects the personal views
of the author and should not be construed as an official statement of CCCERA or its
Board. Additionally, members of CCCERA should not rely on any factual information
contained in the following statement when making retirement related decisions. All
inquiries relating to a member’s retirement should be directed to CCCERA staff.”
Where explicit advice or counsel, with respect to retirement plan provisions, policies or benefits
is needed, Board members will refer inquiries to the CEO or appropriate designee.

6

11.

Non-Compliance Sanctions.
Violation of this Code of Fiduciary Conduct and Ethics is grounds to remove the offender from
the position of Board Chairperson, Vice-Chairperson, Secretary, or Committee Chairperson, or
from any other assignment on behalf of the Board, including, without limitation, suspension of a
Board Member’s authorization to travel on behalf of CCCERA, therefore eliminating the Board
Member’s reimbursement rights relative thereto, and may also subject the offender to censure by
majority vote of the Board, or private censure by the Board Chairperson; provided, however, if
the Board Chairperson is the subject of the contemplated censure or other remedies as provided
hereunder, then the Officer next in line, and who did not participate in the conduct for which the
censure is being considered, may provide private censure and all other listed remedies except
removal from office, as warranted under the circumstances and in the reasonable discretion of
that Officer. The Board may also pursue all of its legal remedies against any Board member who
violates the provisions of this Code of Fiduciary Conduct and Ethics.
HISTORY
Adopted: 7/23/2003
Amended: 7/10/2024

7

Meeting Date
09/16/2026
Agenda Item
#5a.

Brian Long, CFA

Infrastructure
Review

Senior Investment Officer

September 16, 2026

Overview
• CCCERA Infrastructure Program/Strategy
• Key Takeaways

2

CCCERA Infrastructure Program

3

Role of Infrastructure in CCCERA Portfolio
CCCERA Long-Term Asset Allocation Targets (Adopted July 15, 2026)
Growth
(73%)

Liquidity
(17%)

Risk Diversifying
(10%)

Range = 60-80%

Range = 10-20%

Range = 0-12%

Private Equity (15%)

Public Debt (17%)

Low Beta Strategies
(10%)

Private Credit (13%)

Cash (3%)

Public Equity (28%)

Real Estate (7%)
Multi-sector Credit (4%)
Real Estate Debt (3%)
Infrastructure (3%)

4

Infrastructure – Key Participants

CCCERA

Manages the Infrastructure Program – top-down strategy
selection, bottom-up investment manager evaluation, and
monitoring of investment managers

Managers
(General Partners)

Source, evaluate, execute, and manage private infrastructure
investments primarily within commingled drawdown funds

Stepstone

Provides advice and resources to CCCERA on Infrastructure responsible for pacing analysis, portfolio monitoring, and
reporting

5

Opportunity Set – Infrastructure
Geography

North America

Europe

Asia

Fund of Funds

Primary Funds

Co-investments

Direct Investments

Rest of World

Secondaries

Implementation

Sub-Strategy

Core

Core-plus

Value-Add

Opportunistic

Represents current areas of focus for
CCCERA’s Private Equity Program

6

2025/6 Infrastructure Commitments
2026 YTD
Closed Funds (in millions):

2025
Closed Funds (in millions):
Cloud Capital II
Tallvine I
Total Closed

$ 30
$ 100
$ 130

Total Closed 2025

Current Active Dilligence:
4 Funds Under Review:
Fund A
Fund B
Fund C
Fund D
Potential Remaining:
$130m Potential Total 2026

$

Total Closed

$
$
$
$
$

-

50
50
50
50
200
$200m

7

2027 Projected – Infrastructure
• Potential re-up with existing GP
• Continued Sourcing of New Relationships/GP’s
• Potentially 1-2 new relationships
• Primarily focused on middle market

• Projected Pacing Commitment
• $90m/yr (range: $72-$108m)

8

Meeting Date
09/16/2026
Agenda Item
#5b.

CCCERA Board
Presentation
Real Assets Update
September 2026

Infrastructure
and Real Assets
StepStone Infrastructure and Real Assets seeks
to provide tailored solutions to meet the needs
of institutional investors at any stage of their
investment programs.

$153

$13

total capital
responsibility

average annual
approvals

BILLION

BILLION

80

investment
professionals

14

partners

All dollars are USD. All headcount is presented as of July 31, 2026. Data includes metrics of entities acquired by StepStone. Total capital responsibility equals assets
under management (AUM) plus assets under advisement (AUA) and is presented as of June 30, 2026. Reflects final data for the prior period (March 31, 2026), adjusted
for net new client account activity through June 30, 2026. Does not include post-period investment valuation or cash activity.
Average annual approvals are for the average of the last three years ended December 31, 2025. Amounts may not sum to total due to rounding. Approved figures
represent StepStone-approved investment commitments on behalf of discretionary and non-discretionary advisory clients. Excludes clientele that receive research-only,
non-advisory services. Ultimate client investment commitment figures may vary following completion of final GP acceptance/closing processes. Infrastructure & Real
Assets AUM / AUA includes both Infrastructure & Real Assets Equity and Debt.
1. Average annual approved amount includes approximately $0.1 billion infrastructure & Real Assets Debt.

StepStone Infrastructure and Real Assets platform

Global team

Sector specialists

Market coverage

Data and technology

One of the largest, experienced
teams with experience as
managers, investors and
operators

Significant experience across
the major infrastructure and real
asset sub-sectors, strategies,
and geographies

Global platform with large-scale
capital deployment providing
extensive market access and
relationships

Leading technology platform,
combined with rich datasets,
providing a distinct information
advantage

- Asia/Australia

- Energy transition/ renewables

- Fund investments

– Market information

- Europe

- Power and utilities

- Secondaries

– Risk index

- Digital and telecommunications

- Co-investments

– ESG assessment

- Transport and mobility

- Investment partnering

– Monitoring and reporting

- Latin America
- North America

- Social infrastructure
- Sustainable investment
- Agriculture and timber

STEPSTONE GROUP

3

Scaled Infrastructure and Real Assets team
Partners (14)

Senior Managing Directors (6)
Global team

James
O’Leary*
Sydney

Bryan
Bedard
Toronto

Simon
Beer*

Toronto

Kate
Budiselik*

Duane
Cadman*

Perth

Sydney

Joey Wong
Castillo
London

Sid
Chandrasekaran
London

David
Beamish*
Dublin

Lianne
Buck*
Sydney

Jean
Daigneault*

87

Toronto

Professionals
by region

Janice
Ince*

New York

Stephen
Kynaston*
London

Todd
Lapenna*
New York

Tim
Rees

Adam
Reisler

London

Mark
Stulic

Sydney

Varun
Kapoor

Sydney

Sydney

Christian
Fingerle*
Frankfurt

Enrique
Fuentes*
Madrid

Matthew
Jansen*
Miami

Managing Directors & Principals (22)

Tom
Debakker
London

Ryan
Ramsey
London

Sean
Ebsary

Toronto

Marijn
Schuurs

New York

Alejandro
Gandini
London

Michael
Smart
London

Chris
Hudson
Sydney

David
Spoore
London

Lee
Hughes
Sydney

Pete
Stalley
Sydney

Jake
Kelsall

Sydney

Peter
Suen

Sydney

Mike
Lada

Toronto

Lee
Teoh

Sydney

Ying
Lin

New York

Juliette
Vignon
London

Josie
McVitty
London

David
Sheridan
London

Matt
Moreno

New York

Judy
Tian

Toronto

Riaan
Potgieter
London

Theodore
Wong
New York

30
United States
& Canada

33
UK & Europe

24
Australia

SIRA’s senior management team is supported by 45+ junior investment professionals1
As of July 31, 2026. 1. Vice President and below.

Head of StepStone Infrastructure & Real Assets

* SIRA Investment Committee (“IC”) Member

STEPSTONE GROUP

4

SIRA advantage
Market leading position

SIRA has reviewed and advised clients on investing 440+ primary funds, 85+ secondary fund investments, and
160+ co-investments with total capital responsibility of $153B1

Specialised global team

SIRA has 80 investment executives with a breath of sub-sector expertise in North America, the UK, Europe,
and Australasia to support the investment review process

Asset management capability
and psyche

SIRA has established a comprehensive and methodical focus on operational asset management issues to
address the growing importance of effective asset management on investment risk

Comprehensive data
intelligence systems

SIRA has developed deep data sets of information concerning the infrastructure asset class which supports
our investment process and provides clients with an information edge

Accessing oversubscribed
funds

SIRA’s strong global relationships with GPs has allowed SIRA to negotiate preferential access for clients in
oversubscribed funds

Negotiating fee discounts

Given the scale of the capital commitments that SIRA makes on behalf of clients, SIRA has, at times, been able
to negotiate reduced fees and preferential terms in relation to primary fund commitments and co-investments

Information advantage
supports secondaries

SIRA’s strong information base developed from significant annual primary fund deployment provides a critical
information advantage in the underwriting of secondary investments

Access to co-investments

SIRA’s significant annual deployment and close working relationship with global GPs provides significant
access to co-investment flow, supporting enhanced investment selection and long-term investment outcomes

1. Number of secondary investments includes underlying fund investments. Co-investments include investment partnership investments. Figures as of June 30, 2026. Reflects final data
for the prior period (March 31, 2026), adjusted for net new client account activity through June 30, 2026. Does not include post-period investment valuation or cash activity.

STEPSTONE GROUP

5

Real Assets
Market Update

6

Macroeconomic considerations for infrastructure and real
assets
Short term

Long term

•

While euro-zone inflation is currently at target, progress in the US and UK has
stalled, and inflation in some categories has even started to accelerate again.

•

Demographics and trend toward deglobalization could prove inflationary.

•

With the trade and immigration policies being currently implemented in the
US, inflation risk is on the upside.

•

Decarbonization could also be inflationary as externalities are priced in. These
structural changes point to upside/above target risk for inflation in the long
term which may be net positive for infrastructure assets given their inflation
linkage.

•

Most central banks have shifted towards easing, but the pace is tied to inflation
and therefore varies across regions. However, even as policy rates come down,
long-term interest rates have remained elevated.

•

•

This is expected to continue as increasing concerns around fiscal sustainability
keep upward pressure on the term premium. US political pressure on the Fed’s
independence may also lead to higher US interest rates.

Interest rates are likely to remain higher than over the previous decade due to
structural inflationary pressures and certain long-term trends, including a
declining savings rate as the population ages and the growing fiscal deficits
facing governments in the future.

•

Economic growth continues to be supportive but is highly concentrated in the
tech sector. AI-related investments could further support growth but also
present downside risks if the productivity gains expected do not materialize.

•

Below-trend growth is likely over the near to medium term, with limited
capacity for fiscal response due to high level of government debt.

•

Moreover, elevated policy uncertainty could continue to weigh on business
investment and consumer confidence. Nonetheless, defense and
infrastructure spending is expected to grow going forward, which could
stimulate economic growth via government spending.

•

The magnitude and timing of AI-driven productivity boost is still uncertain..

Inflation

Interest
rates

Growth

Source: StepStone
Note: The opinions expressed herein reflect the current opinions of StepStone as of the date appearing in this material only. There can be no assurance that views and opinions expressed
in this document will come to pass.

STEPSTONE GROUP

20250107-4127714-13040794

7

Private infrastructure returns vs. public markets
Private infrastructure continues to outperform listed infrastructure with lower volatility
Evolution of USD invested on June 30, 2011

Quarterly returns
500

Market downturns
450
400
350

Annualized volatility

Index

Return

DJB Global Listed Infrastructure TR

8.6% p.a.

14.4% p.a.

US CPI +500 bps

7.6% p.a.

1.3% p.a.

SIRA Global Infrastructure Index

10.9% p.a.

4.8% p.a.

quarterly returns

300
$

US CPI+500
DJB Global Listed Infrastructure

250

SIRA Global Infrastructure

200
150
100
50
30-Jun-11

30-Jun-12

30-Jun-13

30-Jun-14

30-Jun-15

30-Jun-16

30-Jun-17

30-Jun-18

30-Jun-19

30-Jun-20

30-Jun-21

30-Jun-22 30-Jun-23 30-Jun-24 30-Jun-25

As of 30 September 2025
Source: S&P, StepStone, US Federal Reserve. Represents total return indices. Past performance is not a reliable indicator of current and future results. Indices do not include fees or operating expenses and are not
available for actual investment. The referenced indices/benchmarks are shown for general market comparisons and are not meant to represent any particular fund. An investor cannot directly invest in an index.
Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented.

STEPSTONE GROUP

8

Fundraising activity
Aggregate dry powder has declined compared with December 2024, however core+ and value-added inflows
have netted off deployment.
DRY POWDER (USD IN BILLIONS)

500
450
400
350
300
250
200
150
100
50
Dec-13

Dec-14

Dec-15

Dec-16
Core

Source: Preqin December 2025

Dec-17

Dec-18

Dec-19

Core+

Value-added

Opportunitistic

Dec-20
Debt

Dec-21
FoF

Dec-22

Dec-23

Dec-24

Dec-25

Secondaries

STEPSTONE GROUP

9

Increasing hold periods are affecting LP pacing strategies
Introduction
- Forecasting distributions, i.e. liquidity, from fund investments is an important
factor in investors’ pacing assumptions. Liquidity in the infrastructure sector
has historically been from cash generated from operating assets and
realisations. Distributions during the post the holding period are generally in
the range of 3-5% p.a. of invested capital, however the main contributor for
liquidity for closed end funds is distributions from realisations.
- Historically, declining interest rates, stable economic conditions and growing
demand for infrastructure has led to a buoyant market with increasing
transaction volumes. However, in more recent times myriad economic and
geopolitical factors have contributed to a decline in transaction volumes.
- Using StepStone’s database of deals covering the period from 2014 to 2024, we
analysed hold periods across c.2,600 assets to identify trends in the average
hold periods:

Average hold period of unrealized investments at year-end1

3.9

2014

3.6

2015

3.6

2016

3.3

2017

3.2

3.4

3.3

3.2

3.1

2018

2019

2020

2021

2022

6.5

6.3

2021

2022

3.5

2023

3.8

2024

Average hold period of realized investments1

o Since 2014, the average hold period of unrealised investments (i.e. all

investments that had not been realised) has followed a downward trajectory,
decreasing from 3.9 years in 2014 to 3.1 years in 2022. However, 2023 and
2024 saw an increase in the average hold period, which is almost back to
2014 levels

6.9

6.0

5.7

5.6

5.9

5.3

5.1

2015

2016

2017

2018

2019

2020

5.5

7.0

o The hold period for realised investments shows a similar trend, with the

average hold period decreasing until 2021. Hold periods in 2021 and 2022
were most likely affected by Covid, however 2023 and 2024 hold periods
remain above 2020

Source: StepStone. Notes: (1) Based on 2,678 deals

2014

2023

STEPSTONE GROUP

2024

10

Infrastructure Middle
Market

Advantages of middle market infrastructure investments
Expansion into mid-market infrastructure could provide potential for diversification and performance upside for LP portfolios while
increasing knowledge of and exposure to a different part of the Infrastructure market

Portfolio benefits

Middle market and emerging manager investments can enhance a portfolio that otherwise focuses on large-cap
funds through diversification in terms of sector and strategy

Differentiated deal
sourcing

Greater number of sponsors and opportunities creates greater ease of deployment, a greater degree of proprietary
deal flow and the ability to be highly selective in a less competitive market

Attractive upside
potential

First quartile middle market funds show significant upward skew in terms of net IRR performance; provided these
funds are selected, the middle market therefore offers potential outperformance

Value creation levers

Ability to create greater relative value through scaling platforms, professionalizing management teams, improving
financial controls or governance, and seeking operational value creation

Alignment and
preferred LP benefits

LPs have the potential to achieve strong alignment and favorable fees/terms, as well as establish early relationships
with preferential terms, increasing the fee efficiency of these relationships, and greater access to co-invest

The opinions expressed herein reflect the current opinions of StepStone as of the date appearing in this material only. There can be no assurance that views and opinions expressed
in this document will come to pass.

STEPSTONE GROUP

12

Comparison of average return and volatility
In most vintages, the volatility of outcomes is higher in the middle market relative to large cap; this would suggest that careful
investment selection is critical to unlocking the alpha opportunity

Performance

Average Gross IRR1,2
30%
24%
21%
20%
15%
10%

17%
11% 12%

10%

14%

12%

14% 15%

14%
11%

12% 13%

15% 16%

13%

14% 14%

10%

6%

-%

Volatility2

2015

2016

2017

2018

2019

30%
25%
20%

19%

23%

15%

21%

18%

17%
12%

18%
11%

2021

2022

11%

2023

2024

26% 25%

26%

24%

24%

22%

20%

2020

20%

2015-2024

22%
16%

11%

12%

10%

10%

5%
-%
2015

2016

2017

2018

2019
Equity <US$350

2020

2021

2022

2023

2024

• Average returns across the data are not
meaningfully different, but first-quartile
performance for funds smaller than US$3
billion shows significantly higher upside
potential
• Based on SIRA analysis, mid-market
investments exhibit the ability to potentially
achieve greater returns relative to large cap
investments; however, the volatility of
outcomes is also higher
• We believe that portfolio construction should
also include allocations to the Middle Market to
benefit from the additional diversification as
well as the potential performance “edge” it
provides

2015-2024

Equity >US$350

Source: StepStone data; based on all transactions as of latest available reporting date in December 2025.
Note: (1) Simple average Gross IRR; (2) Equity < US$350m illustrating mid-market investments, Equity > US$350m illustrating investments in the large segment of the market.
Past performance is not indicative of future results. Actual performance may vary. Gross IRR will ultimately be reduced by management fees, carried interest, taxes, and other fees and expenses.

STEPSTONE GROUP

13

Pacing Analysis

14

Real Assets Pacing Analysis
•

StepStone updated its pacing analysis for CCCERA’s Real Assets portfolio based on a starting total portfolio FMV of
$13.7 billion and a Real Assets FMV of $0.25 billion, as of June 30, 2026.1

•

CCCERA set the Real Assets allocation at 3%.To achieve a target allocation of 3% over 10 years, StepStone recommends
committing $75-90 million (+/- 20%) per annum based on market opportunities and conditions.
CCCERA RA Annual Pacing Plan - 3% Target (Base Case)
3%

500

3%

3%

3%

510

498

3%

501

481

458

2%

400

Value in $m

3%

3.5%
3.0%

3%
462

2%
451

2%
450

392

2%
300

2.5%
2.0%

321

1.5%

254

200

1.0%

130
90

100

80

75

80

75

90

90

90

90

90

% of Total Portfolio Value

600

0.5%
0.0%

2026

2027

2028

2029
Commitment

2030

2031
NAV

2032
NAV Percent

2033

2034

2035

2036

% of total AUM

1. Real Assets FMV reflects December 31, 2025 valuations.
While Stepstone currently believes that the assumptions on which the analysis are based are reasonable under the circumstances, there is no guarantee that the conditions on which such assumptions are based will materialize or otherwise
be applicable. Plan level projections provided by CCCERA.
Target returns are hypothetical and are neither guarantees nor predictions or projections of future performance. Future performance indications and financial market scenarios are no guarantee of current or future performance. There can
be no assurance that such target net IRRs will be achieved or that the investment will be able to implement its investment strategy, achieve its investment objectives or avoid substantial losses. Further information regarding target net IRR
calculations is available upon request.

STEPSTONE GROUP

15

Portfolio
Performance

STEPSTONE GROUP 16

Real Assets Performance Summary
•

CCCERA’s real assets portfolio (“RA Portfolio”) includes $789.2 million in commitments to 1 primary and fund-of-funds investments.
•

The market value of CCCERA’s RA Portfolio was $253.7 million as of June 30, 2026.

•

Over the twelve-month period ended June 30, 2026, the RA Portfolio drew $67.5 million and received $36.9 million in distributions.

•

The RA Portfolio generated a net gain of $26.7 million year-over-year, leading to a 1-year IRR of 12.3%.

•

The RA Portfolio generated a since-inception1 IRR of 4.8% as of June 30, 2026.
As of June 30, 2026. In USD millions.

Number of managers
Number of investments
Committed capital
Unfunded commitment
Total exposure
Contributed capital
Distributed capital
Market value
Total value
Total gain/(loss)
DPI3
TVPI4
NET IRR 5
1.
2.
3.
4.
5.

Inception to
June 30, 2026

Inception to
March 31, 2026

Inception to
June 30, 2025

Quarterly ∆

Annual ∆

9
15
$789.2
234.0
487.7
649.4
557.7
253.7
$811.4
162.0
0.9x
1.2x
4.8%

9
15
$790.0
241.7
483.3
642.4
554.6
241.5
$796.1
153.7
0.9x
1.2x
4.7%

8
14
$691.2
201.6
398.0
581.9
520.8
196.5
$717.2
135.3
0.9x
1.2x
4.4%

0
0
(0.8)
(7.8)
4.4
6.9
3.2
12.1
$15.3
8.4
(0.0x)
0.0x
+11 bps

1
1
$98.0
32.4
89.6
67.5
36.9
57.2
$94.2
26.7
(0.0x)
0.0x
+34 bps

Inception represents date of first capital call on 1/25/1996.
Total Gross Contributed represents total contributions to underlying investments including capitalized legal and other transaction fees and expenses.
Distributions to Paid-in Capital (DPI) represents total gross distributions received by the Fund from underlying investments (including distributions used to offset drawdowns for investments) divided by total gross contributions.
Total Value to Paid in Multiple (TVPI) is net of management fees and expenses related to the underlying investments, and represent the aggregate net asset value of underlying investments plus gross distributions received by the Fund
from those investments, divided by total gross contributions.
Internal Rate of Return (IRR) is calculated based on the Portfolio’s daily cash flows and market value as of quarter-end. IRR is net of manager’s fees, expenses and carried interest, but not net of StepStone Advisory fees. IRR and TVPI
for certain vehicles may have been impacted by Stepstone’s or the underlying GPs’ use of subscription-backed credit facilities by such vehicles. Reinvested/recycled amounts increase contributed capital.

Past performance is not indicative of future results and there can be no assurance that the fund will achieve its objectives or avoid substantial losses

STEPSTONE GROUP

17

Real Assets Performance vs. Benchmarks
•

RA Portfolio performance is measured against two benchmarks: (i) Burgiss Private iQ and (ii) the S&P 500 index.

•

The RA Portfolio’s overall since inception IRR of 4.8%.

Since Inception Returns1
20%
18%
16%

Return

14%
12%
10%
8%
6%
4%

4.8%

2%

10.3%

8.1%

0%
CCCERA IRR

Period ending June 30, 2026
CCCERA RA Portfolio IRR 2
Private iQ Median IRR Benchmark
S&P 500 Index

4

1,3

Private iQ Median IRR

S&P 500

QTD

1-Year

3-Year

5-Year

10-Year

Since
Inception

3.4%

12.3%

4.9%

4.4%

2.4%

4.8%

0.4%

8.1%

6.2%

8.0%

8.5%

8.1%

15.6%

21.3%

19.4%

10.5%

14.9%

10.3%

1.
2.

Primary fund benchmark data includes CCCERA specific vintage years and strategies. Please note that CCCERA’s Fund-of-Funds include a double layer of fees and compose a majority of commitments CCCERA has made to date.
IRR Performance is net of underlying partnership fees but not net of StepStone Advisory fees. IRR and TVPI for certain vehicles may have been impacted by Stepstone’s or the underlying GPs’ use of subscription-backed credit facilities
by such vehicles. Reinvested/recycled amounts increase contributed capital.
3.
Published by Burgiss Private iQ, All Geographies Real Assets: Infrastructure Median IRRs, for Vintages 1996, 2003, 2005, 2007, 2011-2013, 2015, 2016, 2022, 2024, 2025, as of March 31, 2026. This benchmark data is continuously
updated and therefore subject to change.
4.
S&P 500 Total Return (TR) index is shown for general market comparison and is not meant to represent any particular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may
be charged to an investment product based on the index, which may materially affect the performance data presented. Returns under one year are unannualized.
Past performance is not indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

STEPSTONE GROUP

18

Real Assets Valuation Bridge
•

For the twelve months ended June 30, 2026, the RA Portfolio recorded a gain of $26.7 million.

•

Since-inception net gain through June 30, 2026, was $162.0 million.

ANNUAL CHANGE IN MARKET VALUE

$67.5

TOTAL FUNDED TO TOTAL VALUE

$26.7

+$162.0m

($36.9)

$253.7m
MARKET VALUE

$253.7

MARKET VALUE
June 30 ,2025

$557.7m TOTAL
DISTRIBUTIONS

$649.4m

$196.5

CONTRIBUTIONS

DISTRIBUTIONS

NET GAIN/(LOSS)

MARKET VALUE
JUNE 30, 2026

TOTAL CONTRIBUTIONS

SINCE INCEPTION NET GAIN/(LOSS)

TOTAL VALUE

STEPSTONE GROUP
Past performance is not indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.

19

Real Assets Exposure by Sub-Portfolio
•

Since 2017, CCCERA has pursued direct primary commitments to real assets funds (the “Core Primary”).

Then1

Now1

As of December 31, 2017

As of June 30, 2026

$147.3
30%

Core Primary

Legacy

Legacy
$340.3
70%
$402.7
100%

1.

Breakdown based on exposure, calculated as market value plus unfunded commitment.

STEPSTONE GROUP

20

Real Assets Performance by Sub-Portfolio
•

Although early in the Core Primary Fund Portfolio development, performance has been strong, generating a since-inception1 IRR of 9.7%. Over time, anticipate the Total Value
to Paid in Multiple (“TVPI”) and the Distributions to Paid-In Capital (“DPI”) to increase as portfolio value is created.

•

As the size of the Core Primary Fund Portfolio increases, the Legacy Primary Fund Portfolios should be less meaningful drivers of CCCERA’s total RA Portfolio performance.
As of June 30,2026 (US$ in millions)

NO. OF
FUNDS

CCCERA RA Portfolio
Legacy
Core Primary
Total

1.
2.
3.
4.
5.
6.

11
4
15

COMMITTED CONTRIBUTED DISTRIBUTED
UNFUNDED
CAPITAL
CAPITAL
CAPITAL
COMMITMENT

460.0
329.2
789.2

539.8
109.5
649.4

554.9
2.8
557.7

12.1
221.9
234.0

MARKET
VALUE

TOTAL
VALUE

TVPI

DPI

NET IRR

PME

135.2
118.5
253.7

696.1
118.6
814.7

1.3x
1.1x
1.3x

1.0x
0.0x
0.9x

4.7%
9.7%
4.8%

11.1%
18.0%
11.3%

Inception represents date of first capital call on 2/21/2019.
Total Gross Contributed represents total contributions to underlying investments including capitalized legal and other transaction fees and expenses.
Distributions to Paid-in Capital (DPI) represents total gross distributions received by the Fund from underlying investments (including distributions used to offset drawdowns for investments) divided by total gross contributions.
Total Value to Paid in Multiple (TVPI) is net of management fees and expenses related to the underlying investments, and represent the aggregate net asset value of underlying investments plus gross distributions received by the Fund
from those investments, divided by total gross contributions.
Internal Rate of Return (IRR) is calculated based on the Portfolio’s daily cash flows and market value as of quarter-end. IRR is net of manager’s fees, expenses and carried interest, but not net of StepStone Advisory fees. IRR and TVPI
for certain vehicles may have been impacted by Stepstone’s or the underlying GPs’ use of subscription-backed credit facilities by such vehicles. Reinvested/recycled amounts increase contributed capital.
PME based on Kaplan & Schoar PME analysis relative to the S&P 500 (TR)

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve its objectives or avoid substantial losses.

STEPSTONE GROUP

21

Real Assets Performance by Vintage Year
As of June 30, 2026 (US$ in millions)

VINTAGE YEAR
1996
2003
2005
2007
2011
2012
2013
2015
2016
2022
2024
2025
TOTAL
1.
2.
3.
4.
5.

COMMIT CONT DIST
15.0
30.0
50.0
65.0
50.0
50.0
75.0
25.0
100.0
125.0
174.2
30.0
789.2

NAV

15.0 21.0
39.0 64.5
65.0 76.1
0.0
71.4 96.2
0.2
1.6
64.9 72.9
48.2 54.6 20.2
80.9 29.4 38.5
31.6 31.7
0.2
123.8 108.6 74.5
62.1
2.8
71.1
32.7
0.0
24.7
14.7
22.7
649.4 557.7 253.7

TOTAL VALUE UNFUNDED
0.0
0.0
1.8
0.9
0.5
8.9
65.0
141.5
15.4
234.0

0.0
0.0
1.8
0.9
0.5
8.9
65.0
141.5
15.4
234.0

DPI

TVPI

IRR

PME

1.4x
1.7x
1.2x
1.3x
1.1x
1.1x
0.4x
1.0x
0.9x
0.0x
0.0x
0.0x
0.9x

1.4x
1.7x
1.2x
1.3x
1.1x
1.6x
0.8x
1.0x
1.5x
1.2x
0.8x
1.5x
1.2x

3.3% 5.1%
28.3% 9.9%
2.6% 7.8%
4.5% 10.3%
2.4% 12.8%
6.3% 12.6%
-2.3% 12.4%
0.3% 10.9%
8.8% 14.1%
13.0% 18.3%
-36.2% 10.9%
NM
NM
4.8% 11.3%

Total Gross Contributed represents total contributions to underlying investments including capitalized legal and other transaction fees and expenses.
Distributions to Paid-in Capital (DPI) represents total gross distributions received by the Fund from underlying investments (including distributions used to offset drawdowns for investments) divided by total gross contributions.
Total Value to Paid in Multiple (TVPI) is net of management fees and expenses related to the underlying investments, and represent the aggregate net asset value of underlying investments plus gross distributions received by the Fund
from those investments, divided by total gross contributions.
Internal Rate of Return (IRR) is calculated based on the Portfolio’s daily cash flows and market value as of quarter-end. IRR is net of manager’s fees, expenses and carried interest, but not net of StepStone Advisory fees. IRR and TVPI
for certain vehicles may have been impacted by Stepstone’s or the underlying GPs’ use of subscription-backed credit facilities by such vehicles. Reinvested/recycled amounts increase contributed capital.
PME based on Kaplan & Schoar PME analysis relative to the S&P 500 (TR)

Past performance is not indicative of future results and there can be no assurance that the fund will achieve its objectives or avoid substantial losses

STEPSTONE GROUP

22

Real Assets Cash Flow Analysis
•

Year-to-date, the RA portfolio has received $16.6 million in distributions compared to $35.8 million in contributions as of June 30, 2026.

•

The RA Portfolio received record annual net cash inflows in 2021.

Annual Cash Flow Activity
($ in millions)
$100.0

$69.2

$54.7
$50.0

$25.0

$11.0

$5.5

$8.9

$8.5

$16.2

$19.7

$31.8

$30.8

$54.1

$53.7

$20.8

$20.5

$24.4

$16.6

$0.0
($50.0)

($15.3)

($23.0)

$0.0

($24.4)

($28.3)
($51.2)

($51.5)

2015

2016

($30.9)

($41.8)

($19.8)

($22.6)

2020

2021

($13.2)

($4.4)
($40.0)

($37.2)

2024

2025

($35.8)

($67.0)

($100.0)
($150.0)
($200.0)
2010

2011

2012

2013

2014

CONTRIBUTIONS

DISTRIBUTIONS

2017

2018

2019

ANNUAL NET CASH FLOW

2022

2023

2026 YTD

CUMULATIVE NET CASH FLOW

STEPSTONE GROUP

23

Real Assets Diversification1
•

The RA portfolio has broad exposure by strategy with the largest exposures to Diversified Infra (58%) as of June 30, 2026.

By Fund Strategy at 6/30/26

By Fund Strategy Pro-Forma for Closing Funds

$67.9
14%

$67.9
11%

$38.1
8%

$66.1
13%

Diversified Infra
$281.3
58%

$34.2
7%

Power

Breakdown based on exposure, calculated as market value plus unfunded commitment.
Breakdown calculated off market value.

$308.4
48%

$118.1
18%

Data Centers

Diversified Infra
Power
Energy Transition

Energy Transition

Natural Capital

1.
2.

$50.0
8%

Data Centers
$66.1
10%

$34.3
5%

Natural Capital
Towers

STEPSTONE GROUP

24

Appendix:
Regional Macro Overview

STEPSTONE GROUP25

North America
Government policies aimed at greenfield expansion in the energy and transportation sectors present a near-term
opportunity for private capital to take advantage of structural changes in these economies

Nuclear Renaissance
• Nuclear has emerged as a strong beneficiary of government policy in North
America, with government priorities and commercial demand pointing in the same
direction.
• Trump Administration executive orders issued in May 2025 directed the Nuclear
Regulatory Commission ("NRC") to streamline licensing and accelerate
environmental reviews. In January 2026, the NRC set default sunset dates for
certain older regulations as part of a broader modernisation effort. Stated ambitions
include growing US nuclear capacity from approximately 100 GW to 400 GW by
2050.
• The biggest driver of demand is from hyperscalers, the largest of which is Meta,
which announced plans to procure up to 6.6 GW of nuclear energy via 20-year
power purchase agreements.
• Canada is also offering support with the Canada Infrastructure Bank committing
C$970m toward Ontario Power Generation's Darlington SMR project, with a further
C$1bn from the Province of Ontario. Nuclear is explicitly included in Canada's Clean
Economy Investment Tax Credits.

Canada’s Structural Reset
• The US-Canada trade conflict has led to a structural reset in the Canadian
economy as it seeks to diversify away from the US and become more resilient to
global shocks. The reset is spread across the economy, however new
infrastructure will be critical to unlocking new natural resource projects and
access to new markets.
• Prime Minister Carney has invoked a "nation-building" framework, fast-tracking
approvals for major infrastructure projects and committing to east-west port, rail,
and energy infrastructure. The public infrastructure pipeline is surging as the
federal and provincial governments respond with new nation-building
commitments.
• BuildForce Canada anticipates public infrastructure investment to surpass
C$160bn over the next four years, with a spike projected between 2026 and 2028.
• The new environment is potentially attractive for private capital, with fast-track
timelines, expanded tax credit eligibility, and de-risking through support from the
Canada Infrastructure Bank representing an improved investment environment
compared to recent years, although execution risk remains, given Canada's record
of regulatory delays and the political complexity of large resource projects.

Source: Meta, January 2026; Bank of Canada, February 2026.
Note: The opinions expressed herein reflect the current opinions of StepStone as of the date appearing in this material only. There can be no assurance that views and opinions expressed
in this document will come to pass.

STEPSTONE GROUP

26

Europe and UK
Energy markets and security will dominate UK and European policy over the near-term

Net-Zero Resolve Under Pressure but Persists

Defense-adjacent Infrastructure

• The UK's Clean Power 2030 ambition dominated the first quarter. In January, CfD
Allocation Round 7 awarded support to 8.4GW of offshore wind capacity, an
outcome that exceeded industry expectations and could unlock up to £53bn in
private investment. The round introduced 20-year contracts and a strike price of
£91/MWh for fixed-bottom wind, compared with £84/MWh in AR6.

• Europe's rearmament agenda has moved from political aspiration to structural
investment theme. The EU's ReArm Europe / Readiness 2030 plan targets
mobilisation of up to €800bn by 2030. To manage the potential impact on
budgets, 17 EU member states have activated national escape clauses which will
allow deficit for defence-related expenditure to be excluded from EU fiscal rules.

• Alongside this, updated energy National Policy Statements came into force on 6
January 2026, providing clearer planning guidance for developers of nationally
significant projects. The National Energy System Operator is advancing a "ready-tobuild" pipeline targeting 283GW of generation and storage capacity. Critically, the
UK is also launching its Competitively Appointed Transmission Owner regime — a
competitive tendering approach intended to accelerate and reduce the cost of
onshore grid infrastructure.

• The EIB, historically a green finance institution, quadrupled its security and
defence spending to €4bn in 2025, funding military campuses, port expansions
for naval vessels, and dual-use transport infrastructure. For infrastructure
investors, this creates a nascent asset class: defence-adjacent infrastructure that
blends military mobility requirements with conventional transport and logistics
assets.

• Execution remains a concern. Current installed offshore wind stands at 16GW
against a 2030 target of 43–50GW. With only 1.2GW added in 2025, a significant
step-up in annual delivery is required.
Source: StepStone; UK Government; European Council.
Note: The opinions expressed herein reflect the current opinions of StepStone as of the date appearing in this material only.
There can be no assurance that views and opinions expressed in this document will come to pass.

• A notable ESG shift is underway: 43% of European ESG equity funds now hold
aerospace and defence exposure, up from near-zero pre-2022. The UK's Financial
Conduct Authority and European Commission have both confirmed that ESG rules
do not prohibit defence investment, removing a longstanding barrier to
institutional capital in the sector. Germany's €500bn off-budget infrastructure
fund, though facing near-term bureaucratic delays, represents a multi-year
pipeline of rail, road, and dual-use projects.
STEPSTONE GROUP

27

Australia and Asia
The Iran War is broadening the discussion regarding the need for non-fossil fuel generation in Asia

North-East Asia
• The conflict in the Middle East has intensified energy security concerns in Japan
and South Korea. With low energy self-sufficiency, Japan and South Korea are
exposed to LNG supply disruptions and oil price spikes. Coal can offset c.70% of
Japan's and over 100% of South Korea's gas-fired generation in the near term,
but this creates no pathway to decarbonisation.
• The crisis has accelerated structural policy shifts in both countries toward
nuclear expansion and domestic clean energy supply chains.
• Japan's Ministry of Economy, Trade and Infrastructure added ¥4.5 trillion
($28bn) in state-backed debt guarantees for large-scale hydropower
refurbishment and nuclear plants. A further ¥210bn ($1.3bn) in investment
subsidies is available for companies relying entirely on decarbonised electricity,
including data centres. Five nuclear reactors have restarted since 2022, adding
4.6 GW of baseload capacity insulated from fossil fuel volatility.
• South Korea increased its 2026 renewable energy funding budget by 99% yearon-year to ₩648bn ($0.4bn), targeting solar and offshore wind, while
maintaining nuclear at 32% of the generation mix by 2030.

India
• India is running the strongest infrastructure capital expenditure cycle in its
independent history, with government capex in FY2025-26 to potentially reach
$132bn, representing 3.1% of GDP, equating to a fivefold increase over the past
decade.
• The National Infrastructure Pipeline targets c.$16bn in total deployment across
roads, metros, renewable energy, and airports. Despite this, the infrastructure
financing gap is estimated to exceed 5% of GDP, creating structural demand for
private capital.
• The non-fossil fuel installed capacity has already exceeded fossil fuel capacity, and
renewable additions are accelerating, with India targeting 500 GW of renewable
capacity by 2030, roughly double its current base.
• Infrastructure Investment Trusts ("InvITs") have emerged as the primary institutional
vehicle for private capital deployment. The National Highways Authority of India has
raised over $60bn through InvITs and Toll-Operate-Transfer bundles. Nearly 1,500
km of roads are expected to be monetised in FY2025-26 alone.

Source: Wood Mackenzie, March 2026; Ministry of Economy, Trade and Infrastructure; CFA Institute, October 2025.
Note: The opinions expressed herein reflect the current opinions of StepStone as of the date appearing in this material only. There can be no assurance that views and opinions expressed
in this document will come to pass.

STEPSTONE GROUP

28

RISKS AND OTHER CONSIDERATIONS
Risks Associated with Investments. Identifying attractive investment opportunities and the right underlying fund
managers is difficult and involves a high degree of uncertainty. There is no assurance that the investments will be
profitable and there is a substantial risk that losses and expenses will exceed income and gains.
Restrictions on Transfer and Withdrawal; Illiquidity of Interests; Interests Not Registered. The investment is
highly illiquid and subject to transfer restrictions and should only be acquired by an investor able to commit its funds
for a significant period of time and to bear the risk inherent in such investment, with no certainty of return. Interests in
the investment have not been and will not be registered under the laws of any jurisdiction. Investment has not been
recommended by any securities commission or regulatory authority. Furthermore, the aforementioned authorities
have not confirmed the accuracy or determined the adequacy of this document.
Limited Diversification of Investments. The investment opportunity does not have fixed guidelines for
diversification and may make a limited number of investments.
Reliance on Third Parties. StepStone will require, and rely upon, the services of a variety of third parties, including
but not limited to attorneys, accountants, brokers, custodians, consultants and other agents and failure by any of these
third parties to perform their duties could have a material adverse effect on the investment.
Reliance on Managers. The investment will be highly dependent on the capabilities of the managers.
Risk Associated with Portfolio Companies. The environment in which the investors directly or indirectly invests
will sometimes involve a high degree of business and financial risk. StepStone generally will not seek control over the
management of the portfolio companies in which investments are made, and the success of each investment
generally will depend on the ability and success of the management of the portfolio company.
Uncertainty Due to Public Health Crisis. A public health crisis, such as the recent outbreak of the COVID-19 global
pandemic, can have unpredictable and adverse impacts on global, national and local economies, which can, in turn,
negatively impact StepStone and its investment performance. Disruptions to commercial activity (such as the
imposition of quarantines or travel restrictions) or, more generally, a failure to contain or effectively manage a public
health crisis, have the ability to adversely impact the businesses of StepStone’s investments. In addition, such
disruptions can negatively impact the ability of StepStone’s personnel to effectively identify, monitor, operate and
dispose of investments. Finally, the outbreak of COVID-19 has contributed to, and could continue to contribute to,
extreme volatility in financial markets. Such volatility could adversely affect StepStone’s ability to raise funds, find
financing or identify potential purchasers of its investments, all of which could have material and adverse impact on
StepStone’s performance. The impact of a public health crisis such as COVID-19 (or any future pandemic, epidemic or
outbreak of a contagious disease) is difficult to predict and presents material uncertainty and risk with respect to
StepStone’s performance.

investments, for separate accounts having overlapping investment objectives. In making investments for separate
accounts, these accounts may be in competition for investment opportunities.
Existing Relationships. StepStone and its principals have long-term relationships with many private equity
managers. StepStone clients may seek to invest in the pooled investment vehicles and/or the portfolio companies
managed by those managers.
Carried Interest. In those instances where StepStone and/or the underlying portfolio fund managers receive carried
interest over and above their basic management fees, receipt of carried interest could create an incentive for
StepStone and the portfolio fund managers to make investments that are riskier or more speculative than would
otherwise be the case. StepStone does not receive any carried interest with respect to advice provided to, or
investments made on behalf, of its advisory clients.
Other Activities. Employees of StepStone are not required to devote all of their time to the investment and may
spend a substantial portion of their time on matters other than the investment.
Material, Non-Public Information. From time to time, StepStone may come into possession of material, non-public
information that would limit their ability to buy and sell investments.
Responsible Investment Integration. While StepStone seeks to integrate certain Responsible Investment (“RI”)
factors into its investment process and firm operations, there is no guarantee that StepStone's RI strategy will be
successfully implemented or that any investments or operations will have a positive RI impact. Applying RI factors to
investment decisions involves qualitative and subjective decisions and there is no guarantee the criteria used by
StepStone to formulate decisions regarding RI, or StepStone's judgment regarding the same, will be reflected in the
beliefs or values of any particular client or investor. There are significant differences in interpretation of what
constitutes positive RI impact and those interpretations are rapidly changing. The description of RI integration herein
is provided to illustrate StepStone's intended approach to investing and firm operations; however, there is no
guarantee that the processes will be followed in every circumstance or at all.
Performance Information. No investment decisions may be made in reliance on this document. In considering
performance information herein, readers should bear in mind that past performance is not necessarily indicative of
future results and that actual results may vary. There can be no assurance that any StepStone fund will be able to
successfully implement its investment strategy or avoid losses. Performance shown herein may include investments
across different StepStone funds. The aggregate returns are not indicative of the returns an individual investor would
receive from these investments. No individual investor received such aggregate returns as the investments were made
across multiple funds and accounts over multiple years.

Taxation. An investment involves numerous tax risks. Please consult with your independent tax advisor.
Conflicts of Interest. Conflicts of interest may arise between StepStone and investors. Certain potential conflicts of
interest are described below; however, they are by no means exhaustive. There can be no assurance that any
particular conflict of interest will be resolved in favor of an investor.
Allocation of Investment Opportunities. StepStone currently makes investments, and in the future will make

STEPSTONE GROUP

29

stepstonegroup.com

Meeting Date
09/16/2026
Agenda Item
#6b.

Memorandum
Date:

September 16, 2026

To:

CCCERA Board of Retirement Trustees

From:

Timothy Price, Chief Investment Officer

Subject:

Annual Rebalancing

Overview
Every year, CCCERA receives the bulk of annual employer contributions in late July as employers take
advantage of the CCCERA pre-payment discount policy. This creates a large influx of cash that is
incorporated into our annual rebalancing, which both refreshes the Liquidity sub-portfolio with the
next tranche of benefit payments and provides an opportunity to rebalance the Growth and
Diversifying sub-portfolios. We used the recently adopted Investment Asset Allocation Resolution
2026-5 to guide all rebalancing decisions.
CCCERA received annual pre-payments of employer contributions in late July of approximately $364
million and used these proceeds in conjunction with several withdrawals from investment managers to
rebalance the portfolio and continue the implementation of the new asset allocation.
The following tables show the rebalancing trades which occurred between July and August 2026.
Funds were raised from the following sources:
Employer Pre-Payments

$364 million

Manager Withdrawals
Boston Partners
BlackRock Russell 1000
BlackRock Russell 2000 Value
Sit LLCAR
First Eagle
Wm Blair
AFL-CIO
TT
Total Cash Raised

$ 75
$ 50
$ 25
$ 50
$ 50
$ 50
$ 50
$100
$814

million
million
million
million
million
million
million
million
million
1

Proceeds were invested with the following investment managers:
DFA
Insight
Sit Short Duration
Capstone
III
Marshall Wace
Cash*
Total Invested

$120
$267
$ 80
$100
$125
$100
$ 22
$814

million
million
million
million
million
million
million
million

*The cash position is overlaid with futures to replicate the overall asset allocation mix.
The post-rebalancing allocations are shown on the following page.

2

CCCERA Asset Allocation as of August 31, 2026
Liquidity
Dimensional Fund Advisors
Insight
Sit
Total Liquidity

Market
Value
523,592,320
923,597,648
722,287,908
2,169,477,876

Percentage Current Target* Current Target Long Term
Long Term
of Total Fund
Percentage
Over/(Under)
Target
Over/(Under)
3.7%
4.0%
-0.3%
6.6%
6.0%
0.6%
5.1%
6.0%
-0.9%
15.4%
16.0%
-0.6%
14.0%
1.4%
Range
10-20%

Growth
Domestic Equity
Boston Partners
BlackRock Russell 1000
Emerald Advisers
BlackRock Russell 2000 Value
Total Domestic Equity

438,855,495
1,401,546,877
242,670,040
212,489,312
2,295,561,724

3.1%
10.0%
1.7%
1.5%
16.3%

3.0%
10.0%
1.5%
1.5%
16.0%

0.1%
-0.0%
0.2%
0.0%
0.3%

Global & International Equity
Pyrford (Columbia)
William Blair
First Eagle
Artisan Global Opportunities
PIMCO/RAE Emerging Markets
TT Emerging Markets
Total Global & International Equity

532,132,208
479,688,164
808,059,523
721,214,079
333,226,566
286,844,006
3,161,164,546

3.8%
3.4%
5.8%
5.1%
2.4%
2.0%
22.5%

3.5%
3.5%
5.5%
5.5%
2.0%
2.0%
22.0%

0.3%
-0.1%
0.3%
-0.4%
0.4%
0.0%
0.5%

Private Equity
Real Assets/Infrastructure
Total Equity
Total Equity Range
Private Credit
Multi-Asset Credit
HPS
KKR
GoldenTree
Oak Hill Advisors
Total Credit
Total Credit Range
Real Estate - Value Add
Real Estate - Opportunistic & Distressed
Real Estate - REIT
Adelante
Invesco
Real Estate Debt
Barings
Rialto
Real Estate Global
Total Real Estate
Total Real Estate Range

1,388,308,110
252,311,994
7,097,346,375

9.9%
1.8%
50.5%

10.0%
2.0%
50.0%

-0.1%
-0.2%
0.5%

1,239,932,186

8.8%

9.0%
4.0%

-0.2%
-0.2%

133,244,143
134,931,569
136,505,994
133,490,658
1,778,104,550

0.9%
1.0%
1.0%
1.0%
12.7%

13.0%

-0.3%

2.3%
2.7%
2.0%

0.5%
-0.4%
-0.1%

1.0%

0.1%

8.0%

0.3%

Total Growth Assets

10,046,287,648

71.0%

0.5%

40-60%

8-16%
398,426,973
322,211,905

2.8%
2.3%

128,993,038
140,059,067

0.9%
1.0%

74,722,616
81,101,739
25,321,385
1,170,836,723

0.5%
0.6%
0.2%
8.3%
5-10%
71.5%

73.0%

-1.5%

Range
60-80%

3

CCCERA Asset Allocation as of August 31, 2026 (continued)
Risk Diversifying
Diversifying Fixed Income
AFL-CIO
DFA Intermediate Treasury
Trend Following
BH-DG Systematic
Long Volatility
III
Capstone
Diversifying Multi-Asset
Marshall Wace
Sit LLCAR
Total Risk Diversifying

Market
Value

Percentage Current Target* Current Target Long Term
Long Term
of Total Fund
Percentage
Over/(Under)
Target
Over/(Under)

197,813,062
177,840,586

1.4%
1.3%

1.5%
1.5%

-0.1%
-0.2%

300,400,184

2.1%

2.0%
1.5%

0.1%
0.1%

125,000,000
100,000,000

0.9%
0.7%

100,000,000
441,039,731
1,442,093,563

0.7%
3.1%
10.3%

0.8%
2.8%
10.0%

-0.0%
0.4%
0.3%

10.0%

0.3%

3.0%
3.0%

0.8%
-1.0%
-0.2%

3.0%

-0.2%

100%

0%

100%

0%

Range
0% - 12%
Cash and Overlay
Overlay (Parametric)
Cash
Total Cash and Overlay
Total Cash Range
Total Fund

112,103,297
281,243,965
393,347,262

0.8%
2.0%
2.8%

14,051,206,349

100%

0-6%

*Current targets and ranges reflect asset allocation targets accepted by the Board on July 15, 2026 (BOR Resolution 2026-5).

4

Meeting Date
09/16/2026
Agenda Item
#7

BOARD AND COMMITTEE MEETINGS 2026
JANUARY
Su

Mo Tu

We

FEBRUARY

MARCH

Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

H

2

3

1

2

3

B

5

6

7

1

2

3

B/I

5

6

7

4

5

6

B

8

9

10

8

9

10

11

12

13

14

C

C

C

C

12

13

14

11

12

13

14

15

16

17

15

H

17

B/I

19

20

21

15

16

17

B

19

20

21

18

H

20

B/A

22

23

24

22

23

24

25

26

27

28

22

23

24

25

26

27

28

25

26

27

28

29

30

31

29

30

31

Su Mo Tu We Th

Fr

Sa

1 - New Year's Day
19 - Martin Luther King Jr. Day

16 - Presidents' Day

APRIL
Su

Mo Tu

MAY

We

Th

Fr

Sa

B

2

3

4

JUNE

Su Mo Tu We Th

Fr

Sa

1

2

1

2

B

4

5

6

10

5

6

7

8

9

10

11

3

4

5

B/I

7

8

9

7

8

9

11

12

13

12

13

14

15

16

17

18

10

11

S

S

S

S

16

14

15

16 B/A/I 18

H

20

19

20

21

22

23

24

25

17

18

19

B

21

22

23

21

22

23

26

27

26

27

28

29

30

24

H

26

27

28

29

30

28

29

30

24

25

31
25 - Memorial Day

JULY
Su

Mo Tu

19 - Juneteenth

AUGUST

We

Th

Fr

Sa

1

2

H

4

Su Mo Tu We Th

SEPTEMBER
Fr

Sa

Su Mo Tu We Th

Fr

Sa

1

1

B

3

4

5

5

6

7

8

9

10

11

2

3

4

B/A

6

7

8

6

H

8

9

10

11

12

12

13

14

B

16

17

18

9

10

11

12

13

14

15

13

14

15

B/I

17

18

19

19

20

21

22

23

24

25

16

17

18

B/I

20

21

22

20

21

22

23

24

25

26

26

27

28

29

30

31

23

24

25

26

27

28

29

27

28

29

30

30

31

3 - Independence Day Observed

7 - Labor Day

OCTOBER
Su

Mo Tu

We

NOVEMBER

DECEMBER

Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

Su Mo Tu We Th

Fr

Sa

1

2

3

1

2

3

B/A

5

6

7

1

B

3

4

5

4

5

6

B

8

9

10

8

9

S

S

H

S

S

14

6

7

8

9

10

11

12

11

12

13

14

15

16

17

15

16

17

B/I

19

20

21

13

14

15

16

17

18

19

18

19

20

B

22

23

24

22

23

24

25

H

H

28

20

21

22

23

24

H

26

25

26

27

28

29

30

31

29

30

27

28

29

30

31

11 - Veterans Day
26 and 27 - Thanksgiving

B Board Meeting
S
B/A Board and Audit Committee
B/I Board and Investment Committee
B/A/I Board, Audit and Investment Committee

SACRS

25 - Christmas Day

C

CALAPRS - General Assembly