12-Attachment A.Milwaukee County Oct 2025 Flash.pdf
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- Attached to
- Investment Consulting Services
- Solicitation number
- RFP-2025-030
- Issued by
- Milwaukee County, Mattoon Village, Wisconsin
About this file
This is a Monthly Flash Executive Summary report from Milwaukee County's Pension Plan as of October 31, 2025, prepared by Marquette Associates, an independent investment adviser. The document provides comprehensive performance analysis and portfolio allocation data for the Milwaukee County Pension Plan, which manages a total fund composite of $1.83 billion across multiple asset classes including fixed income, private debt, U.S. equity, international equity, volatility risk premium, real estate, infrastructure, and private equity. The report details investment manager performance evaluations, redemption statuses for various managers, and compliance assessments across all portfolio holdings as of October 31, 2025.
The pension fund generated a total return of 0.9 percent for the one-month period and 12.0 percent year-to-date, slightly underperforming the total fund benchmark return of 1.0 percent and 12.1 percent respectively for the same periods. The portfolio remains relatively well-aligned with its target allocation, though notable variances exist in fixed income (17.1% actual versus 25.0% policy target, representing a -$145.2 million difference) and private equity (13.5% actual versus 9.0% policy target, representing an +$82.1 million overweight). Marquette's investment manager evaluation terminology categorizes all investment managers as "In Compliance" except for UBS Core Real Estate, which is designated for "Termination" with performance cited as the reason. The fund has active redemption requests totaling $58 million, with completed redemptions of approximately $29.7 million year-to-date. Performance fees across investment managers are tracked with various expense ratios detailed in the fee schedule, and the pension plan's 5-year and 10-year risk-adjusted returns are benchmarked against peer group medians from Marquette's comprehensive database of public defined benefit plans.
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Milwaukee County Monthly Flash
Executive Summary October 31, 2025
Item 3
Total Fund Composite
Investment Manager Asset Class Status Reason
NTGI Agg Bond Index Core Fixed Income In Compliance --
Galliard Core Fixed Income In Compliance --
IR&M Core Plus Core Plus Fixed Income In Compliance --
TCW Emerging Markets Debt EM Fixed Income In Compliance --
Owl Rock Diversified Lending Direct Lending In Compliance --
Alliance Bernstein Mid Mkt Direct Lending II Direct Lending In Compliance --
NTGI Russell 3000 All-Cap Core In Compliance --
Boston Partners Large-Cap Value In Compliance --
Silvercrest Asset Management Small-Cap Value In Compliance --
NTGI ACWI Ex-US IMI (Index) Non-U.S. All-Cap Core In Compliance --
QMA Emerging Markets Small Cap Emerging Markets In Compliance --
Parametric Defensive Equity Defensive Equity In Compliance --
Neuberger Berman US Index PutWrite Defensive Equity In Compliance --
American Realty Advisors Core Real Estate In Compliance --
Morgan Stanley Core Real Estate In Compliance --
UBS Core Real Estate Termination Performance
IFM Core Infrastructure In Compliance --
J.P. Morgan Infrastructure Core Infrastructure In Compliance --
Progress U.S. Private Equity FoF In Compliance --
Brinson 2000 U.S. Private Equity FoF In Compliance --
Brinson 2001 U.S. Private Equity FoF In Compliance --
Brinson 2002 U.S. Private Equity FoF In Compliance --
Brinson 2003 U.S. Private Equity FoF In Compliance --
Adams Street 2005 U.S. Private Equity FoF In Compliance --
Adams Street 2009 U.S. Private Equity FoF In Compliance --
Adams Street 2012 Global Divers. PE FoF In Compliance --
Adams Street Co-Investment III Private Equity Co-Investment In Compliance --
Pension Plan Manager Status
Pension Plan Manager Status
Investment Manager Asset Class Status Reason
Siguler Guff II U.S. Private Equity FoF In Compliance --
Siguler Guff III U.S. Private Equity FoF In Compliance --
Mesirow VI U.S. Private Equity FoF In Compliance --
Mesirow Private Equity Fund VII-A U.S. Private Equity FoF In Compliance --
Fairview V U.S. Private Equity FoF In Compliance --
Fairview VI U.S. Private Equity FoF In Compliance --
BPEA V U.S. Private Equity FoF In Compliance --
BPEA VI U.S. Private Equity FoF In Compliance --
Barings Emerging Generation Global Divers. PE FoF In Compliance --
StepStone VC Global Partners X Venture Private Equity FoF In Compliance --
General Cash Cash & Equivalents In Compliance --
Adams Street Cash Cash & Equivalents In Compliance --
Cash AA Overlay Cash Overlay In Compliance --
Cash Equity Overlay Cash Overlay In Compliance --
Investment Manager Evaluation Terminology
The following terminology has been developed by Marquette Associates to facilitate efficient communication among the Investment Manager, Investment Consultant, and the Plan Sponsor. Each term signifies a particular status with the Fund and any conditions that may require improvement. In each case, communication is made only after consultation with the Trustees and/or the Investment Committee of the Plan.
In Compliance – Marquette has not been notified of any issues or changes to the investment manager that would materially impede upon its ability to execute the investment strategy or adhere to any applicable investment guidelines.
Alert – The investment manager has experienced a problem in performance (usually relative to a benchmark), a change in investment characteristics, an alteration in management style, ownership, or key investment professionals, and/or any other irregularities that may impede upon its ability to execute the investment strategy or adhere to any applicable investment guidelines.
On Notice – The investment manager has experienced continued concern with one or more Alert issues. Failure to improve upon stated issues within a certain time frame may justify termination.
Termination – The investment manager has been terminated and transition plans are in place.
Manager Status
Pension Plan Redemption Status
Requested Submitted Effective Received Outstanding
JPM IIF 15,000,000 6/25/2024 9/30/2024 15,000,000 -
MS Prime 8,000,000 6/29/2022 9/30/2022 8,000,000 -
Parametric 5,000,000 3/18/2025 3/31/2025 5,000,000 -
Neuberger Berman PutWrite 5,000,000 3/18/2025 3/31/2025 5,000,000 -
QMA 5,000,000 5/22/2025 6/3/2025 5,000,000 -
IFM 10,000,000 6/6/2025 9/30/2025 10,000,000 -
Requested Submitted Effective Received Outstanding
UBS * FULL 3/22/2021 6/30/2021 12,213,589 17,466,224
American Realty 10,000,000 6/29/2022 9/30/2022 7,453,346 2,546,654
JPM IIF 10,000,000 6/6/2025 9/30/2025 - 10,000,000
Outstanding Redemptions
Completed Redemptions
* A full redemption request was submitted on 3/22/21, superceding the incomplete partial redemption request from 2019
Total Fund Composite Total Fund Benchmark
0.0
4.0
8.0
12.0
16.0
R e tu rn
Month
Quarter
Year
To
Date
Year
Years
Years
Years
Years
1.0
4.7
12.1 12.5
11.0
9.1 8.4
7.8
0.9
4.7
12.0 12.9
11.4
10.1 9.1
8.5
Total Fund Composite vs Target Allocation
Target Actual Difference
0.0% 20.0% 40.0%-20.0 %
Total Cash Equivalents
Private Equity Composite
Infrastructure Composite
Real Estate Composite
Volatility Risk Premium
International Equity Composite
U.S. Equity Composite
Private Debt Composite
Fixed Income Composite
0.0%
9.0%
10.0%
5.0%
6.0%
15.5%
26.0%
3.5%
25.0%
1.4%
13.5%
10.3%
4.8%
5.9%
15.9%
27.3%
3.8%
17.1%
1.4%
4.5%
0.3%
-0.2 %
-0.1 %
0.4%
1.3%
0.3%
-7.9 %
Summary of Cash Flows
Month ($)
Year To
Date ($)
Total Fund Composite
Beginning Market Value 1,830,547,523 1,738,684,393
Net Cash Flow -17,708,106 -110,254,702
Gain/Loss 17,277,500 201,687,226
Ending Market Value 1,830,116,917 1,830,116,917
Pension Plan Performance Summary
As of October 31, 2025
Market Value History
Market Value
1,500.0
1,650.0
1,800.0
1,950.0
2,100.0
M ill io n s
10/20 4/21 10/21 4/22 10/22 4/23 10/23 4/24 10/24 4/25 10/25
1,628.2M
1,978.6M
1,830.1M
Periods Ending Beginning
Market Value
Contributions
Distributions
Gain/Loss
Ending Market Value
%Return Unit Value
Income
Income % of Beginning
Market Value
Oct-2020 - - - - 1,628,244,178.82 - 100.0 - 0.0
Nov-2020 1,628,244,178.82 15,208,299.82 -30,878,865.60 94,181,069.05 1,706,754,682.09 5.8 105.8 - 0.0
Dec-2020 1,706,754,682.09 38,766,578.82 -37,779,445.31 97,355,338.15 1,805,097,153.75 5.7 111.8 - 0.0
Jan-2021 1,805,097,153.75 14,756,192.83 -29,946,673.74 -4,965,368.58 1,784,941,304.26 -0.3 111.5 - 0.0
Feb-2021 1,784,941,304.26 14,145,174.53 -29,780,672.48 30,017,682.42 1,799,323,488.73 1.7 113.3 - 0.0
Mar-2021 1,799,323,488.73 55,366,195.86 -72,035,460.07 61,153,538.75 1,843,807,763.27 3.4 117.2 - 0.0
Apr-2021 1,843,807,763.27 7,129,295.20 -22,764,150.82 39,615,491.03 1,867,788,398.68 2.1 119.7 - 0.0
Summary of Cash Flows
Month ($)
Year To
Date ($)
Year ($)
Years ($)
Years ($)
Years ($)
Total Fund Composite
Beginning Market Value 1,830,547,523 1,738,684,393 1,728,178,215 1,647,424,270 1,628,244,179 1,675,587,308
Net Cash Flow -17,708,106 -110,254,702 -117,180,773 -385,779,563 -657,383,207 -930,531,320
Net Investment Change 17,277,500 201,687,226 219,119,474 568,472,209 859,255,945 1,085,060,928
Ending Market Value 1,830,116,917 1,830,116,917 1,830,116,917 1,830,116,917 1,830,116,917 1,830,116,917
Pension Plan As of October 31, 2025
Asset Class Ending MV ($) Net Cash Flow ($)
% of Portfolio
Policy (%) 3 Mo
Total Fund Composite 1,830,116,917 -23,974,339 100.0 100.0 4.7
Fixed Income Composite 312,342,018 - 17.1 25.0 3.6
NTGI Agg Bond Index Core Fixed Income 66,250,938 - 3.6 4.0 2.9
Galliard Core Fixed Income 159,236,115 - 8.7 9.5 3.1
IR&M Core Plus Core Plus Fixed Income 27,828,513 - 1.5 8.5 3.1
TCW Emerging Markets Debt EM Fixed Income 59,026,453 - 3.2 3.0 5.9
Private Debt Composite 68,876,254 1,750,000 3.8 3.5 1.2
Owl Rock Diversified Lending Direct Lending 35,106,387 - 1.9 - 0.0
Alliance Bernstein Mid Mkt Direct Lending II Direct Lending 33,769,867 1,750,000 1.8 - 2.4
U.S. Equity Composite 500,080,865 -140 27.3 26.0 7.2
NTGI Russell 3000 All-Cap Core 396,097,097 - 21.6 20.0 8.1
Boston Partners Large-Cap Value 67,261,310 - 3.7 3.5 6.2
Silvercrest Asset Management Small-Cap Value 36,722,459 -140 2.0 2.5 -0.1
International Equity Composite 290,382,076 -47,168 15.9 15.5 9.1
NTGI ACWI Ex-US IMI (Index) Non-U.S. All-Cap Core 265,539,382 - 14.5 14.5 9.1
QMA Emerging Markets Small Cap Emerging Markets 24,842,694 -47,168 1.4 1.0 9.4
Pension Plan Portfolio Allocation
Month Ending October 31, 2025
Pension Plan Portfolio Allocation
Asset Class Ending MV ($) Net Cash Flow ($)
% of Portfolio
Policy (%) 3 Mo
Volatility Risk Premium 108,519,445 - 5.9 6.0 5.6
Parametric Defensive Equity Defensive Equity 55,797,810 - 3.0 3.0 5.8
Neuberger Berman US Index PutWrite Defensive Equity 52,721,635 - 2.9 3.0 5.5
Real Estate Composite 87,757,097 -1,863,268 4.8 5.0 1.1
American Realty Advisors Core Real Estate 27,545,307 -1,226,555 1.5 2.0 0.8
Morgan Stanley Core Real Estate 42,745,566 -419,235 2.3 3.0 1.3
UBS Core Real Estate 17,466,224 -217,478 1.0 0.0 0.9
Infrastructure Composite 189,066,879 -10,000,000 10.3 10.0 2.1
IFM Core Infrastructure 87,029,701 -10,000,000 4.8 5.0 1.4
J.P. Morgan Infrastructure Core Infrastructure 102,037,178 - 5.6 5.0 2.8
Private Equity Composite 246,799,802 -5,533,040 13.5 9.0 -0.1
Progress U.S. Private Equity FoF 311 - 0.0 - 0.0
Brinson 2000 U.S. Private Equity FoF 23,721 - 0.0 - 0.0
Brinson 2001 U.S. Private Equity FoF 47,181 - 0.0 - 0.0
Brinson 2002 U.S. Private Equity FoF 12,760 - 0.0 - 0.0
Brinson 2003 U.S. Private Equity FoF 40,503 - 0.0 - 0.0
Adams Street 2005 U.S. Private Equity FoF 105,299 - 0.0 - 0.0
Adams Street 2009 U.S. Private Equity FoF 8,830,199 - 0.5 - 0.0
Pension Plan Portfolio Allocation
Asset Class Ending MV ($) Net Cash Flow ($)
% of Portfolio
Policy (%) 3 Mo
Adams Street 2012 Global Divers. PE FoF 25,641,167 - 1.4 - 0.0
Adams Street Co-Investment III Private Equity Co-Investment 20,123,996 -2,770,997 1.1 - 0.0
Siguler Guff II U.S. Private Equity FoF 5,082,260 -1,603,263 0.3 - -0.7
Siguler Guff III U.S. Private Equity FoF 22,896,362 -481,398 1.3 - -0.4
Mesirow VI U.S. Private Equity FoF 23,865,141 -585,000 1.3 - 0.0
Mesirow Private Equity Fund VII-A U.S. Private Equity FoF 50,255,244 -1,200,000 2.7 - 0.0
Fairview V U.S. Private Equity FoF 10,428,007 142,500 0.6 - 0.0
Fairview VI U.S. Private Equity FoF 6,056,759 816,357 0.3 - 0.0
BPEA V U.S. Private Equity FoF 22,546,370 -550,986 1.2 - 0.0
BPEA VI U.S. Private Equity FoF 21,661,304 1,625,000 1.2 - 0.0
Barings Emerging Generation Global Divers. PE FoF 21,829,235 -925,253 1.2 - 0.0
StepStone VC Global Partners X Venture Private Equity FoF 7,353,983 - 0.4 - 0.0
Total Cash Equivalents 26,292,479 -8,280,724 1.4 0.0 6.6
Market Value ($) % of Portfolio Policy % Difference ($)
Total Fund Composite 1,830,116,917 100.0 100.0
Fixed Income Composite 312,342,018 17.1 25.0 -145,187,211
Private Debt Composite 68,876,254 3.8 3.5 4,822,162
U.S. Equity Composite 500,080,865 27.3 26.0 24,250,467
International Equity Composite 290,382,076 15.9 15.5 6,713,954
Volatility Risk Premium 108,519,445 5.9 6.0 -1,287,570
Real Estate Composite 87,757,097 4.8 5.0 -3,748,749
Infrastructure Composite 189,066,879 10.3 10.0 6,055,187
Private Equity Composite 246,799,802 13.5 9.0 82,089,279
Pension Plan Portfolio Allocation
Market Value ($) % of Portfolio Policy % Difference ($)
Total Fund Composite 1,830,116,917 100.0 100.0
Fixed Income Composite 312,342,018 17.1 25.0 -145,187,211
NTGI Agg Bond Index 66,250,938 3.6 4.0 -6,953,739
Galliard 159,236,115 8.7 9.5 -14,624,992
IR&M Core Plus 27,828,513 1.5 8.5 -127,731,425
TCW Emerging Markets Debt 59,026,453 3.2 3.0 4,122,945
Private Debt Composite 68,876,254 3.8 3.5 4,822,162
U.S. Equity Composite 500,080,865 27.3 26.0 24,250,467
NTGI Russell 3000 396,097,097 21.6 20.0 30,073,714
Boston Partners 67,261,310 3.7 3.5 3,207,218
Silvercrest Asset Management 36,722,459 2.0 2.5 -9,030,464
International Equity Composite 290,382,076 15.9 15.5 6,713,954
NTGI ACWI Ex-US IMI (Index) 265,539,382 14.5 14.5 172,429
QMA Emerging Markets Small Cap 24,842,694 1.4 1.0 6,541,525
Volatility Risk Premium 108,519,445 5.9 6.0 -1,287,570
Parametric Defensive Equity 55,797,810 3.0 3.0 894,303
Neuberger Berman US Index PutWrite 52,721,635 2.9 3.0 -2,181,872
Real Estate Composite 87,757,097 4.8 5.0 -3,748,749
American Realty Advisors 27,545,307 1.5 2.0 -9,057,032
Morgan Stanley 42,745,566 2.3 3.0 -12,157,941
Infrastructure Composite 189,066,879 10.3 10.0 6,055,187
IFM 87,029,701 4.8 5.0 -4,476,144
J.P. Morgan Infrastructure 102,037,178 5.6 5.0 10,531,332
Private Equity Composite 246,799,802 13.5 9.0 82,089,279
Pension Plan Portfolio Allocation
Fixed Income Composite U.S. Equity Composite International Equity Composite
Volatility Risk Premium Real Estate Composite Infrastructure Composite
Private Equity Composite Total Cash Equivalents Private Debt Composite
0.0
15.0
30.0
45.0
60.0
75.0
90.0
A llo ca ti o n
10/20 4/21 10/21 4/22 10/22 4/23 10/23 4/24 10/24 4/25 10/25
Pension Plan Historical Asset Allocation
5 Years Ending October 31, 2025
1 Mo
3 Mo
YTD
1 Yr
3 Yrs
5 Yrs
7 Yrs
10 Yrs
SI
Inception Date
Total Fund Composite 0.9 4.7 12.0 12.9 11.4 10.1 9.1 8.5 8.8 Jan 88
Total Fund Benchmark 1.0 4.7 12.1 12.5 11.0 9.1 8.4 7.8 -
CPI - All Urban Consumers (Unadjusted) - - - - - - - - -
Fixed Income Composite 1.0 3.6 8.5 7.9 7.7 1.0 3.1 2.4 6.3 Jan 88
Blmbg. U.S. Aggregate Index 0.6 2.9 6.8 6.2 5.6 -0.2 2.3 1.9 5.4
Private Debt Composite 0.0 1.2 5.7 8.0 11.3 - - - 9.9 Jun 22
S&P UBS Leveraged Loans (Lagged) 0.0 0.0 3.0 4.4 8.8 6.5 5.2 5.3 7.7
U.S. Equity Composite 1.4 7.2 14.4 17.4 19.0 17.1 13.6 12.2 10.6 Jan 88
FT Wilshire 5000 Index 2.1 8.1 16.9 20.9 21.8 17.0 15.5 14.3 11.4
International Equity Composite 1.8 9.1 28.5 25.4 20.6 11.9 9.2 7.7 7.5 Jan 88
MSCI AC World ex USA (Net) 2.0 9.4 28.6 24.9 20.3 11.2 9.1 7.7 -
Volatility Risk Premium 1.7 5.6 10.5 13.3 13.4 9.9 8.5 7.2 6.7 Mar 10
HFRX Equity Hedge Index 0.7 3.7 9.0 10.1 8.1 8.1 6.0 4.5 3.1
Real Estate Composite 0.0 1.1 2.9 3.6 -4.8 3.1 2.9 4.4 7.1 Oct 90
Custom Real Estate Benchmark 0.0 0.3 2.2 2.8 -5.6 2.5 2.5 4.0 -
Infrastructure Composite -0.2 2.1 7.3 10.4 9.7 9.9 9.3 9.6 8.9 Jun 10
CPI + 4% 0.3 1.5 6.3 7.0 7.0 8.7 7.8 7.3 6.7
Private Equity Composite 0.0 -0.1 4.1 4.0 3.7 10.6 12.1 12.5 9.3 Dec 85
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 15.6
Pension Plan Annualized Performance (Net of Fees)
1 Mo
3 Mo
YTD
1 Yr
3 Yrs
5 Yrs
7 Yrs
10 Yrs
SI
Inception Date
Total Fund Composite 0.9 4.7 12.0 12.9 11.4 10.1 9.1 8.5 8.8 Jan 88
Total Fund Benchmark 1.0 4.7 12.1 12.5 11.0 9.1 8.4 7.8 -
Fixed Income Composite 1.0 3.6 8.5 7.9 7.7 1.0 3.1 2.4 6.3 Jan 88
Blmbg. U.S. Aggregate Index 0.6 2.9 6.8 6.2 5.6 -0.2 2.3 1.9 5.4
NTGI Agg Bond Index 0.6 2.9 6.8 6.2 5.6 -0.2 - - 2.0 Jan 19
Blmbg. U.S. Aggregate Index 0.6 2.9 6.8 6.2 5.6 -0.2 2.3 1.9 2.0
Galliard 0.7 3.1 7.3 6.7 6.5 0.7 3.1 - 2.5 May 17
Blmbg. U.S. Aggregate Index 0.6 2.9 6.8 6.2 5.6 -0.2 2.3 1.9 1.8
IR&M Core Plus 0.6 3.1 7.0 6.7 - - - - 5.8 Dec 23
Blmbg. U.S. Aggregate Index 0.6 2.9 6.8 6.2 5.6 -0.2 2.3 1.9 6.2
TCW Emerging Markets Debt 2.2 5.9 14.4 14.4 14.6 3.6 - - 2.6 Aug 19
JPM EMBI Global Index (USD) 2.2 5.4 12.5 12.2 12.2 2.7 4.1 4.0 2.6
Private Debt Composite 0.0 1.2 5.7 8.0 11.3 - - - 9.9 Jun 22
S&P UBS Leveraged Loans (Lagged) 0.0 0.0 3.0 4.4 8.8 6.5 5.2 5.3 7.7
Owl Rock Diversified Lending 0.0 0.0 3.2 5.5 9.8 - - - 9.4 Jul 22
S&P UBS Leveraged Loans (Lagged) 0.0 0.0 3.0 4.4 8.8 6.5 5.2 5.3 8.5
Alliance Bernstein Mid Mkt Direct Lending II 0.0 2.4 8.6 10.9 - - - - 13.7 Dec 22
S&P UBS Leveraged Loans (Lagged) 0.0 0.0 3.0 4.4 8.8 6.5 5.2 5.3 8.6
Pension Plan Annualized Performance (Net of Fees)
As of October 31, 2025
* Certain values are lagged. Alliance Bernstein, American Realty, Morgan Stanley, UBS, JPM IIF, and Siguler Guff II & III are valued as of 9/30/25. Owl Rock, Adams Street PE, Mesirow VI & VII-A, Fairview V & VI, BPEA V & VI, Barings, and StepStone are valued as of 6/30/25. All lagged values have been updated for subsequent cash flows.
Pension Plan Annualized Performance (Net of Fees)
1 Mo
3 Mo
YTD
1 Yr
3 Yrs
5 Yrs
7 Yrs
10 Yrs
SI
Inception Date
U.S. Equity Composite 1.4 7.2 14.4 17.4 19.0 17.1 13.6 12.2 10.6 Jan 88
FT Wilshire 5000 Index 2.1 8.1 16.9 20.9 21.8 17.0 15.5 14.3 11.4
NTGI Russell 3000 2.1 8.1 16.8 20.8 21.7 - - - 12.0 Jun 21
Russell 3000 Index 2.1 8.1 16.8 20.8 21.8 16.7 15.3 14.1 12.0
Boston Partners -0.1 6.2 14.9 13.8 15.4 17.9 12.2 11.4 10.6 Aug 95
Russell 1000 Value Index 0.4 5.2 12.1 11.1 13.4 14.3 10.4 10.0 9.4
Silvercrest Asset Management -3.8 -0.1 -6.9 -6.1 3.4 10.2 6.7 7.3 7.1 Nov 13
Russell 2000 Value Index 0.3 10.9 9.3 9.9 9.3 13.8 7.9 8.7 7.6
International Equity Composite 1.8 9.1 28.5 25.4 20.6 11.9 9.2 7.7 7.5 Jan 88
MSCI AC World ex USA (Net) 2.0 9.4 28.6 24.9 20.3 11.2 9.1 7.7 -
NTGI ACWI Ex-US IMI (Index) 1.7 9.1 28.7 25.5 20.3 11.3 9.3 7.9 7.1 Sep 12
MSCI AC World ex USA IMI (Net) 1.8 9.0 28.2 24.6 20.0 11.1 9.1 7.7 7.3
QMA Emerging Markets Small Cap 2.8 9.4 28.0 25.6 23.7 16.6 13.3 - 8.4 Jun 18
MSCI Emerging Markets Small Cap (Net) 2.3 7.1 19.3 15.5 18.8 13.1 11.0 8.1 7.1
Volatility Risk Premium 1.7 5.6 10.5 13.3 13.4 9.9 8.5 7.2 6.7 Mar 10
HFRX Equity Hedge Index 0.7 3.7 9.0 10.1 8.1 8.1 6.0 4.5 3.1
Parametric Defensive Equity 1.8 5.8 11.7 14.6 15.3 12.3 9.8 8.9 8.9 Nov 15
HFRX Equity Hedge Index 0.7 3.7 9.0 10.1 8.1 8.1 6.0 4.5 4.5
Neuberger Berman US Index PutWrite 1.7 5.5 9.3 11.9 12.9 - - - 9.7 Jun 22
Cboe S&P 500 PutWrite Index 2.2 5.6 6.4 11.2 13.6 12.4 8.4 7.7 10.0
* Certain values are lagged. Alliance Bernstein, American Realty, Morgan Stanley, UBS, JPM IIF, and Siguler Guff II & III are valued as of 9/30/25. Owl Rock, Adams Street PE, Mesirow VI & VII-A, Fairview V & VI, BPEA V & VI, Barings, and StepStone are valued as of 6/30/25. All lagged values have been updated for subsequent cash flows.
1 Mo
3 Mo
YTD
1 Yr
3 Yrs
5 Yrs
7 Yrs
10 Yrs
SI
Inception Date
Real Estate Composite 0.0 1.1 2.9 3.6 -4.8 3.1 2.9 4.4 7.1 Oct 90
Custom Real Estate Benchmark 0.0 0.3 2.2 2.8 -5.6 2.5 2.5 4.0 -
American Realty Advisors 0.0 0.8 2.7 3.5 -6.5 2.7 2.9 4.2 6.6 Jan 11
NFI-ODCE 0.0 0.3 2.2 2.8 -5.6 2.5 2.5 4.0 6.7
Morgan Stanley 0.0 1.3 2.8 3.4 -2.5 4.7 4.5 5.8 8.8 Oct 10
NFI-ODCE 0.0 0.3 2.2 2.8 -5.6 2.5 2.5 4.0 6.9
UBS -0.2 0.9 3.3 4.3 -7.0 0.1 -0.5 1.5 3.7 Jan 12
NFI-ODCE 0.0 0.3 2.2 2.8 -5.6 2.5 2.5 4.0 6.2
Infrastructure Composite -0.2 2.1 7.3 10.4 9.7 9.9 9.3 9.6 8.9 Jun 10
CPI + 4% 0.3 1.5 6.3 7.0 7.0 8.7 7.8 7.3 6.7
IFM -0.5 1.4 7.1 10.2 8.3 10.2 9.6 11.0 10.2 Jun 10
CPI + 4% 0.3 1.5 6.3 7.0 7.0 8.7 7.8 7.3 6.7
J.P. Morgan Infrastructure 0.0 2.8 7.5 10.5 10.8 9.7 9.0 8.2 7.0 Nov 10
CPI + 4% 0.3 1.5 6.3 7.0 7.0 8.7 7.8 7.3 6.8
Private Equity Composite 0.0 -0.1 4.1 4.0 3.7 10.6 12.1 12.5 9.3 Dec 85
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 15.6
Brinson 2000 0.0 0.0 0.9 0.9 1.0 -0.6 -2.0 0.7 3.2 Nov 99
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 12.1
Brinson 2001 0.0 0.0 1.8 2.1 -4.6 -2.7 -1.3 0.7 5.0 Jan 01
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 10.8
* Certain values are lagged. Alliance Bernstein, American Realty, Morgan Stanley, UBS, JPM IIF, and Siguler Guff II & III are valued as of 9/30/25. Owl Rock, Adams Street PE, Mesirow VI & VII-A, Fairview V & VI, BPEA V & VI, Barings, and StepStone are valued as of 6/30/25. All lagged values have been updated for subsequent cash flows.
1 Mo
3 Mo
YTD
1 Yr
3 Yrs
5 Yrs
7 Yrs
10 Yrs
SI
Inception Date
Brinson 2002 0.0 0.0 1.3 0.8 -2.1 -2.0 -3.5 -0.8 4.6 Apr 02
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 12.7
Brinson 2003 0.0 0.0 1.9 1.9 -8.3 -9.9 -8.8 -3.8 3.9 May 03
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 14.0
Adams Street 2005 0.0 0.0 0.9 0.8 -11.1 -6.9 -3.3 0.1 4.1 Mar 05
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.2
Adams Street 2009 0.0 0.0 1.1 1.5 -4.4 3.2 7.2 9.0 8.2 Feb 09
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.8
Adams Street 2012 0.0 0.0 5.6 5.6 2.1 8.3 10.5 11.1 9.0 Aug 12
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.9
Adams Street Co-Investment III 0.0 0.0 7.0 0.6 9.2 10.3 12.4 13.9 11.4 Nov 14
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.5
Siguler Guff II 0.0 -0.7 -0.9 3.2 1.3 9.7 8.2 9.6 10.3 Aug 12
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.9
Siguler Guff III 0.0 -0.4 -2.9 -4.3 -4.1 6.9 10.0 - 10.7 Mar 16
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.9
Mesirow VI 0.0 0.0 4.1 5.1 2.8 10.9 14.9 14.8 13.2 Jan 15
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.3
Mesirow Private Equity Fund VII-A 0.0 0.0 7.5 8.8 7.3 14.7 13.5 - 11.1 Apr 18
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 13.4
* Certain values are lagged. Alliance Bernstein, American Realty, Morgan Stanley, UBS, JPM IIF, and Siguler Guff II & III are valued as of 9/30/25. Owl Rock, Adams Street PE, Mesirow VI & VII-A, Fairview V & VI, BPEA V & VI, Barings, and StepStone are valued as of 6/30/25. All lagged values have been updated for subsequent cash flows.
1 Mo
3 Mo
YTD
1 Yr
3 Yrs
5 Yrs
7 Yrs
10 Yrs
SI
Inception Date
Fairview V 0.0 0.0 2.8 5.8 -0.2 10.3 - - 7.2 May 20
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 15.5
Fairview VI 0.0 0.0 6.1 8.9 -0.4 - - - -3.4 Sep 22
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 5.1
BPEA V 0.0 0.0 2.0 5.4 6.0 13.9 - - 13.2 Jun 20
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 15.7
BPEA VI 0.0 0.0 6.7 11.1 6.0 - - - 13.2 Sep 22
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 5.1
Barings Emerging Generation 0.0 0.0 4.2 9.1 12.9 14.5 - - 21.0 Aug 20
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 14.1
StepStone VC Global Partners X 0.0 0.0 4.0 4.6 -1.3 5.2 - - -7.8 Sep 20
MSCI Private Capital Global All Private Equity 0.0 0.0 6.1 7.0 6.1 12.4 13.2 13.7 14.4
* Certain values are lagged. Alliance Bernstein, American Realty, Morgan Stanley, UBS, JPM IIF, and Siguler Guff II & III are valued as of 9/30/25. Owl Rock, Adams Street PE, Mesirow VI & VII-A, Fairview V & VI, BPEA V & VI, Barings, and StepStone are valued as of 6/30/25. All lagged values have been updated for subsequent cash flows.
YTD
Total Fund Composite 12.0 9.1 11.0 -9.2 17.4 12.0 16.1 -2.3 16.1
Total Fund Benchmark 12.1 8.3 10.5 -9.1 15.5 11.2 15.7 -3.7 14.5
Fixed Income Composite 8.5 2.9 7.5 -13.5 -1.4 8.1 9.5 -0.2 2.8
Blmbg. U.S. Aggregate Index 6.8 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5
NTGI Agg Bond Index 6.8 1.3 5.5 -12.9 -1.6 7.6 8.8 - -
Blmbg. U.S. Aggregate Index 6.8 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5
Galliard 7.3 2.1 6.7 -12.6 -0.3 8.6 9.8 -0.2 -
Blmbg. U.S. Aggregate Index 6.8 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5
IR&M Core Plus 7.0 4.0 - - - - - - -
Blmbg. U.S. Aggregate Index 6.8 1.3 5.5 -13.0 -1.5 7.5 8.7 0.0 3.5
TCW Emerging Markets Debt 14.4 8.2 12.8 -17.4 -4.5 4.3 - - -
JPM EMBI Global Index (USD) 12.5 5.7 10.5 -16.5 -1.5 5.9 14.4 -4.6 9.3
Private Debt Composite 5.7 14.0 10.7 - - - - - -
S&P UBS Leveraged Loans (Lagged) 3.0 9.0 13.0 -1.1 5.4 2.8 8.2 1.1 4.2
Owl Rock Diversified Lending 3.2 13.3 8.7 - - - - - -
S&P UBS Leveraged Loans (Lagged) 3.0 9.0 13.0 -1.1 5.4 2.8 8.2 1.1 4.2
Alliance Bernstein Mid Mkt Direct Lending II 8.6 15.0 16.2 - - - - - -
S&P UBS Leveraged Loans (Lagged) 3.0 9.0 13.0 -1.1 5.4 2.8 8.2 1.1 4.2
Pension Plan Calendar Performance (Net of Fees)
Pension Plan Calendar Performance (Net of Fees)
YTD
U.S. Equity Composite 14.4 21.4 22.9 -16.2 29.2 12.3 27.4 -8.4 18.5
FT Wilshire 5000 Index 16.9 23.8 26.1 -19.0 26.7 20.8 31.0 -5.3 21.0
NTGI Russell 3000 16.8 23.8 26.0 -19.2 - - - - -
Russell 3000 Index 16.8 23.8 26.0 -19.2 25.7 20.9 31.0 -5.2 21.1
Boston Partners 14.9 16.0 14.3 -3.8 30.5 2.7 23.8 -8.8 19.7
Russell 1000 Value Index 12.1 14.4 11.5 -7.5 25.2 2.8 26.5 -8.3 13.7
Silvercrest Asset Management -6.9 9.5 14.8 -11.4 25.1 6.3 25.2 -15.8 11.9
Russell 2000 Value Index 9.3 8.1 14.6 -14.5 28.3 4.6 22.4 -12.9 7.8
International Equity Composite 28.5 5.5 16.4 -15.8 10.2 8.7 20.8 -16.7 29.5
MSCI AC World ex USA (Net) 28.6 5.5 15.6 -16.0 7.8 10.7 21.5 -14.2 27.2
NTGI ACWI Ex-US IMI (Index) 28.7 5.3 15.5 -16.1 8.6 11.5 21.8 -14.4 27.7
MSCI AC World ex USA IMI (Net) 28.2 5.2 15.6 -16.6 8.5 11.1 21.6 -14.8 27.8
QMA Emerging Markets Small Cap 28.0 7.0 25.6 -12.4 20.2 14.7 12.4 - -
MSCI Emerging Markets Small Cap (Net) 19.3 4.8 23.9 -18.0 18.8 19.3 11.5 -18.6 33.8
Volatility Risk Premium 10.5 14.0 13.2 -8.0 9.7 9.8 15.9 -4.6 12.0
HFRX Equity Hedge Index 9.0 7.8 6.9 -3.2 12.1 4.6 10.7 -9.4 10.0
Parametric Defensive Equity 11.7 15.8 16.8 -7.6 17.7 4.6 16.3 -2.9 11.7
HFRX Equity Hedge Index 9.0 7.8 6.9 -3.2 12.1 4.6 10.7 -9.4 10.0
Neuberger Berman US Index PutWrite 9.3 12.4 15.1 - - - - - -
Cboe S&P 500 PutWrite Index 6.4 17.8 14.3 -7.7 21.8 2.1 13.5 -5.9 10.8
YTD
Real Estate Composite 2.9 -1.6 -10.6 6.5 19.9 -0.2 3.9 7.5 7.5
Custom Real Estate Benchmark 2.2 -2.3 -12.7 6.5 21.1 0.3 4.4 7.4 6.7
American Realty Advisors 2.7 -2.1 -13.9 8.3 20.6 0.6 5.3 7.7 7.1
NFI-ODCE 2.2 -2.3 -12.7 6.5 21.1 0.3 4.4 7.4 6.7
Morgan Stanley 2.8 -0.8 -5.8 6.1 21.5 1.3 6.2 8.0 8.8
NFI-ODCE 2.2 -2.3 -12.7 6.5 21.1 0.3 4.4 7.4 6.7
UBS 3.3 -2.5 -15.8 5.0 15.2 -4.9 -3.0 6.1 5.3
NFI-ODCE 2.2 -2.3 -12.7 6.5 21.1 0.3 4.4 7.4 6.7
Infrastructure Composite 7.3 8.4 9.6 8.9 12.1 3.5 12.5 13.1 17.7
CPI + 4% 6.3 7.0 7.5 10.7 11.3 5.4 6.4 6.0 6.2
IFM 7.1 5.6 8.4 8.2 17.6 3.0 14.6 20.2 21.1
CPI + 4% 6.3 7.0 7.5 10.7 11.3 5.4 6.4 6.0 6.2
J.P. Morgan Infrastructure 7.5 10.7 10.5 9.6 7.6 4.4 10.3 6.3 14.3
CPI + 4% 6.3 7.0 7.5 10.7 11.3 5.4 6.4 6.0 6.2
Private Equity Composite 4.1 2.0 4.0 -7.5 35.9 35.0 14.6 16.7 16.0
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Brinson 2000 0.9 -0.8 5.0 -3.3 -3.2 -4.7 -2.1 6.4 8.4
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Brinson 2001 1.8 -11.8 -1.6 -2.5 -5.5 23.8 -2.1 0.5 7.5
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
YTD
Brinson 2002 1.3 -6.1 1.5 -5.6 -4.1 5.0 -0.4 -14.9 3.3
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Brinson 2003 1.9 -7.1 -12.0 -7.8 -22.1 -7.7 1.1 1.7 12.2
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Adams Street 2005 0.9 -28.6 2.5 -18.1 -1.2 22.6 14.3 0.5 13.2
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Adams Street 2009 1.1 -10.7 -1.4 -19.6 38.2 42.4 14.7 12.4 18.6
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Adams Street 2012 5.6 4.4 -2.1 -19.3 38.8 43.1 14.4 16.1 16.8
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Adams Street Co-Investment III 7.0 -4.8 14.8 -5.5 14.8 50.5 9.9 22.5 15.5
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Siguler Guff II -0.9 0.2 3.5 4.0 32.4 10.7 7.6 14.2 15.5
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Siguler Guff III -2.9 -3.5 -4.7 -2.9 38.5 29.6 17.8 23.5 10.9
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Mesirow VI 4.1 1.9 3.2 -16.6 53.5 41.6 29.5 19.3 19.9
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Mesirow Private Equity Fund VII-A 7.5 5.8 6.8 -3.4 44.4 32.3 4.2 - -
YTD
Fairview V 2.8 4.6 -0.5 -8.6 53.6 - - - -
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Fairview VI 6.1 7.3 -9.4 - - - - - -
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
BPEA V 2.0 6.6 8.6 12.8 30.7 - - - -
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
BPEA VI 6.7 11.0 0.3 - - - - - -
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
Barings Emerging Generation 4.2 15.9 15.5 12.0 8.8 - - - -
MSCI Private Capital Global All Private Equity 6.1 5.8 5.8 -8.4 40.2 33.3 17.6 12.0 20.5
StepStone VC Global Partners X 4.0 0.7 -5.7 -8.9 55.0 - - - -
Total Fund Benchmark Weight (%)
Aug-2023
Russell 2000 Value Index 2.50
Russell 1000 Value Index 3.50
Russell 3000 Index 20.00
Blmbg. U.S. Aggregate Index 22.50
HFRX Equity Hedge Index 6.00
MSCI AC World ex USA (Net) 14.50
MSCI Emerging Markets Small Cap (Net) 1.00
JPM EMBI Global Index (USD) 3.00
CPI + 4% 10.00
MSCI Private Capital Global All Private Equity 10.00
NFI-ODCE 7.00
Pension Plan Benchmark Composition
Investments Vintage Commitment
Unfunded Commitment
Capital Contributed
Cumulative Distributions
Valuation
Total Value
DPI RVPI TVPI SI (%)
Brinson 2000 1999 5,068,157 248,897 4,819,260 7,440,939 23,721 7,464,660 1.5 0.0 1.5 7.1
Brinson 2001 2000 4,695,477 201,836 4,493,641 7,195,630 47,181 7,242,811 1.6 0.0 1.6 7.1
Brinson 2002 2002 3,215,140 105,557 3,109,583 5,765,647 12,760 5,778,407 1.9 0.0 1.9 13.1
Brinson 2003 2003 2,757,039 126,166 2,630,873 4,727,850 40,503 4,768,353 1.8 0.0 1.8 12.8
Adams Street 2005 2005 10,000,000 502,000 9,498,000 14,374,485 105,299 14,479,784 1.5 0.0 1.5 6.3
Adams Street 2009 2009 30,000,000 2,528,400 27,471,600 49,987,391 8,830,199 58,817,590 1.8 0.3 2.1 12.9
Adams Street 2012 2012 40,000,000 2,844,828 37,155,172 53,547,290 25,641,167 79,188,457 1.4 0.7 2.1 12.5
Siguler Guff II 2012 40,000,000 2,460,000 37,540,000 66,428,520 5,082,260 71,510,780 1.8 0.1 1.9 12.0
Adams Street Co-Investment III 2014 30,000,000 3,159,000 26,841,000 47,215,827 20,123,996 67,339,823 1.8 0.7 2.5 16.9
Mesirow VI 2014 30,000,000 2,820,000 27,180,000 47,616,733 23,865,141 71,481,874 1.7 0.9 2.6 18.9
Siguler Guff III 2016 40,000,000 3,040,000 36,960,000 47,308,383 22,896,362 70,204,745 1.2 0.6 1.8 14.5
Mesirow Private Equity Fund VII-A 2018 40,000,000 5,120,000 34,880,000 14,560,000 50,255,244 64,815,244 0.4 1.4 1.9 13.4
Fairview V 2020 9,500,000 593,750 8,906,250 444,963 10,428,007 10,872,970 0.0 1.2 1.2 5.4
BPEA V 2020 24,000,000 1,680,000 22,320,000 10,336,731 22,546,370 32,883,101 0.5 1.0 1.5 12.2
Barings Emerging Generation 2020 22,000,000 7,949,901 14,050,099 3,586,944 21,829,235 25,416,179 0.2 1.4 1.6 14.8
StepStone VC Global Partners X 2020 8,000,000 960,000 7,040,000 3,123 7,353,983 7,357,106 - 1.0 1.0 1.4
Fairview VI 2022 10,000,000 4,151,644 5,848,356 14,947 6,056,759 6,071,706 - 1.0 1.0 2.2
BPEA VI 2022 25,000,000 5,625,000 19,375,000 592,234 21,661,304 22,253,538 0.0 1.1 1.1 8.8
Total 374,235,813 44,116,979 330,118,834 381,147,636 246,799,491 627,947,127 1.1 0.7 1.9 12.3
Pension Plan Private Equity Overview (Net of Fees)
Investments Vintage
Year
Years
Years Since
Inception (%)
PME
Kaplan Schoar
PME Benchmark
Brinson 2000 1999 0.9 1.0 -1.8 7.1 3.7 1.2 Russell 3000 Index
Brinson 2001 2000 2.1 -4.6 -1.0 7.1 6.2 1.1 Russell 3000 Index
Brinson 2002 2002 0.2 -2.6 -2.0 13.1 8.0 1.2 Russell 3000 Index
Brinson 2003 2003 1.9 -8.5 -12.2 12.8 6.9 1.3 Russell 3000 Index
Adams Street 2005 2005 0.8 -12.0 5.8 6.3 8.5 0.9 Russell 3000 Index
Adams Street 2009 2009 1.4 -4.8 10.1 12.9 13.8 1.0 Russell 3000 Index
Adams Street 2012 2012 5.5 1.6 12.7 12.5 13.2 1.0 Russell 3000 Index
Siguler Guff II 2012 4.3 2.1 20.8 12.0 14.1 0.9 Russell 3000 Index
Adams Street Co-Investment III 2014 0.3 12.3 15.5 16.9 14.1 1.2 Russell 3000 Index
Mesirow VI 2014 5.0 2.6 18.1 18.9 14.1 1.3 Russell 3000 Index
Siguler Guff III 2016 -4.3 -4.0 11.6 14.5 14.9 1.0 Russell 3000 Index
Mesirow Private Equity Fund VII-A 2018 8.8 7.3 14.0 13.4 14.9 0.9 Russell 3000 Index
Fairview V 2020 5.8 0.2 6.1 5.4 16.7 0.7 Russell 3000 Index
BPEA V 2020 5.7 6.1 11.4 12.2 15.7 0.9 Russell 3000 Index
Barings Emerging Generation 2020 9.1 13.1 13.5 14.8 16.1 1.0 Russell 3000 Index
StepStone VC Global Partners X 2020 4.6 -0.7 1.5 1.4 16.0 0.7 Russell 3000 Index
Fairview VI 2022 8.4 4.4 - 2.2 17.9 0.8 Russell 3000 Index
BPEA VI 2022 10.3 7.0 - 8.8 20.9 0.8 Russell 3000 Index
Total 5.1 4.0 13.4 12.3 12.4 1.0
Pension Plan Private Markets Overview
-10.0
5.0
20.0
35.0
50.0
65.0
80.0
A llo ca ti o n
US Equity Global ex-US Equity Total Fixed Income Hedge Funds Private Equity Real Assets/Commod Total Real Estate Cash & Equivalents
Total Fund Composite 26.9 (87) 15.6 (43) 20.7 (77) 5.8 (38) 13.4 (26) 10.9 (7) 4.9 (66) 1.8 (39)¢£
5th Percentile 62.2 23.9 42.7 14.9 23.7 12.2 11.4 6.4
1st Quartile 51.7 18.1 32.3 7.4 13.5 5.8 8.1 2.6
Median 42.8 14.8 26.0 5.0 7.9 4.9 6.2 1.4
3rd Quartile 31.6 11.2 20.9 3.5 3.5 3.3 4.3 0.6
95th Percentile 19.4 5.7 13.2 0.0 0.9 1.1 2.1 0.1
Population 680 642 695 134 289 187 530 659
Pension Plan
vs. All Public DB Plans
Asset Allocation
As of September 30, 2025
5 Years
-3
R e tu rn
0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 8.0 8.8 9.6 10.4 11.2 12.0 12.8 13.6 14.4 15.2 16.0
Standard Deviation (%)
Return Standard Deviation
Total Fund Composite 9.7 7.9¢£
Total Fund Benchmark 8.9 7.8¢£
Median 8.7 10.5¾
Pension Plan
vs. All Public DB Plans
Annualized Risk vs. Return
5 Years Ending September 30, 2025
10 Years
R e tu rn
0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 8.0 8.8 9.6 10.4 11.2 12.0 12.8 13.6 14.4
Standard Deviation (%)
Return Standard Deviation
Total Fund Composite 8.8 7.6¢£
Total Fund Benchmark 8.1 7.5¢£
Median 8.4 9.9¾
Pension Plan
vs. All Public DB Plans
Annualized Risk vs. Return
10 Years Ending September 30, 2025
Pension Plan Fee Schedule
¹ Expense Ratio & Estimated Annual Fee are Based on Market Value at Month End.
² Source: Marquette Associates Investment Management Fee Study.
¹ Expense Ratio & Estimated Annual Fee are Based on Market Value at Month End.
¹ Expense Ratio & Estimated Annual Fee are Based on Market Value at Month End.
DISCLOSURES
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification, and we urge clients to compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell.
Account and Composite characteristics data is derived from underlying holdings uploaded to the Investment Metrics Platform (“Platform”); the Platform then uses data for the noted time period from Standard & Poor’s (equity holdings) and ICE (fixed income holdings) to populate the reporting templates. Some securities, including cash equivalents, may not be accurately classified during this population process due to missing identifiers or unavailable data. As a result, characteristics in this report may differ from other data sources. For example, Bloomberg indices may include additional rating information which may differ from the S&P rating used by the Platform.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo‐political, competitive, and financial risks that are outside of Marquette’s control. There can be no assurance that the assumptions made in connection with any forward‐looking statement will prove accurate, and actual results may differ materially.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing.
Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request or on our website.
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