sdcera board of retirement investment board meeting minutes

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5. Presentation on Manager Due Diligence Deliverables Mr. Voss, Ennis Knupp + Associates, outlined additional information that will be included in the quarterly and annual reports going forward. On a quarterly basis, Ennis Knupp will provide updates on managers based on meetings that occurred during the quarter and/or any critical items to be brought to the Board’s attention. The annual report will provide a comprehensive due diligence packet on all of SDCERA’s managers that Ennis Knupp is responsible for monitoring. 6. Presentation on Manager Diversification Ms. Needle provided a presentation on Asset Class Manager Diversification. She stated that SDCERA has a diverse asset allocation and the level of manager diversification is driven by asset class. She stated that the number of managers is consistent with the structure of the Fund and the asset classes that require more manager diversification are resourced accordingly with designated Staff and Consultants. 7. Fourth Quarter 2008 Real Estate Performance Review – The Townsend Group Mr. Colafrancesco presented a brief overview of SDCERA’s Fourth Quarter 2008 Real Estate Quarterly Performance review. Ms. Jennifer Young, The Townsend Group, provided additional detail for the Fourth Quarter 2008 Real Estate Performance Review for SDCERA’s portfolio. Several Trustees expressed concern in regard to SDCERA’s overexposure to RREEF. They requested a report outlining a transition in the REIT account. 8. Presentation on Legal Review of Investment Transactions Ms. Petty, Legal Counsel, stated that Ice Miller, LLP and Waller Landsden Dortch & Davis, LLP, legal counsel for SDCERA will together present an overview of the processes both firms follow to assist SDCERA with investment transactions. Ms. Rhodes, Ice Miller, LLP, presented an overview of Ice Miller’s capabilities and the procedures they follow to assist SDCERA with Real Estate, International Practice, Tax, Public Securities and Private Equity legal due diligence. She stated that the legal teams from both Ice Miller and Waller, have worked together to create uniform processes and standardized terms to assist SDCERA with investment counsel services. SDCERA Board Meeting Minutes, April 16, 2009 Page 4
Beth Guest, Waller Landsden Dortch & Davis, LLP, presented an overview of the firm and the procedures they follow to assist SDCERA with Hedge Fund, Real Estate, Private Equity, Venture Capital legal reviews. Ms. Guest stated that her firm has been working closely with Ice Miller to come up with a systematized approach to investment analysis. Ms. Jacob and Mr. Sobeck requested that an update on the progress of Staff’s review of all redemption and gate terms be provided to the Board at the June Investment meeting. 9. Report on Prior Closed Session Investment Transaction Decisions Ms. Needle stated that in accordance with SDCERA’s policy to report out and provide information on transactions that occur during Closed Session, a report has been provided that summarizes the terminations of the BlackRock Galaxite Fund, the Zazove Convertible Arbitrage, and Lotsoff Capital Management. 10. CIO’s Report Ms. Needle provided an update on firm changes for Stark Investments, Western Asset Management, and the Russell Investment Group. 11. Request for Closed Session Item for Consideration of Investment Transactions, Purchases, Sales Ms. Needle stated that Staff requests approval to discuss an Investment transaction during Closed Session. ACTION: Motion by Ms Jacob, seconded by Mr. Sobeck to place this item in Closed Session based on the fact that the disclosure of the information relating to the decision can potentially have an adverse impact on the financial interest of the fund. The motion was approved by majority vote. Ayes: Noes: Abstain: Absent: Doss, Feeley, Jacob, McAllister, McCloskey, Morris, Myers, Rose, Sobeck None None None 12. Closed Session Ms. Ryan recused herself from Agenda Item 12.3 of the Closed Session. SDCERA Board Meeting Minutes, April 16, 2009 Page 5
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Page 3: under the final structure. Mr. Doss
Page 7: The motion was approved by majority

sdcera board of retirement investment board meeting minutes

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