BEGIN:VCALENDAR
PRODID:-//Hawaii Public Meetings and Events Calendar//111285139//EN
VERSION:2.0
CALSCALE:GREGORIAN
BEGIN:VEVENT
DTSTAMP:20261026T155902Z
DTSTART:20260526T133000
DTEND:20260526T153000
SUMMARY:Investment Committee Meeting
UID:20261026T155904Z-uidGen@fe80:0:0:0:410:d2ff:fefd:e5dd%ens5
TZID:HST
LOCATION:201 Merchant Street\, Suite 1200\, Honolulu\, HI  96813
DESCRIPTION:<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &n
 bsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &n
 bsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; NOTICE OF 
 REGULAR MEETING</p>\n<p>AGENCY:<span style="white-space: pre\;"> </span>
 Investment Committee of the Board of Trustees of the&nbsp\;</p>\n<p><spa
 n style="white-space: normal\;"><span style="white-space: pre\;"> </span
 >Employees&rsquo\; Retirement System of the State of Hawaii</span></p>\n
 <p>DATE:<span style="white-space: pre\;"> </span>Tuesday\, May 26\, 2026
 \; 1:30 p.m.</p>\n<p>PLACE:<span style="white-space: pre\;"> </span>City
  Financial Tower\, 201 Merchant Street\, Suite 1200\, Honolulu\, Hawaii 
 96813</p>\n<p><span style="white-space: normal\;">The meeting will be co
 nducted pursuant to HRS &sect\; 92-3.7\, under which Members of the Inve
 stment Committee of the Board of Trustees may participate via interactiv
 e conference technology or in person at the meeting place stated above.<
 /span></p>\n<p><span style="white-space: normal\;">Members of the public
  may also attend the meeting by teleconference either audio or video\, a
 t the following link and phone number:</span></p>\n<p>https://teams.micr
 osoft.com/meet/220269234657347?p=0Lcz4pWOZfYhae6C3o</p>\n<p>Meeting ID: 
 220 269 234 657 347</p>\n<p>Passcode: Mk6sa3pm</p>\n<p>Or</p>\n<p>+1 808
 -829-4853\,\,703004876# United States\, Honolulu</p>\n<p>Find a local nu
 mber</p>\n<p>Phone conference ID: 703 004 876#</p>\n<p>Members of the pu
 blic may provide testimony in person or by teleconference.&nbsp\; Indivi
 duals testifying at the meeting are requested to limit their testimony t
 o three (3) minutes or an amount of time otherwise designated by the Cha
 irperson.</p>\n<p><span style="white-space: normal\;">In the event audio
 visual communication cannot be maintained with participating Trustees an
 d quorum is lost\, the meeting shall be automatically recess for up to 3
 0 minutes\, during which time\, an attempt to restore audiovisual commun
 ication will be made.&nbsp\; If such attempt is unsuccessful\, all Trust
 ees\, members of the public\, staff and other interested individuals may
  continue to participate in the meeting via telephone using the above li
 sted telephone and conference ID numbers\, whereby audio-only communicat
 ion will be established for all participants and the meeting will contin
 ue.&nbsp\; If reconvening the meeting is not possible because neither au
 diovisual nor audio-only communication can be re-established\, the meeti
 ng will be terminated.</span></p>\n<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\; &n
 bsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &n
 bsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &n
 bsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &n
 bsp\; AGENDA&nbsp\;</p>\n<p>CALL TO ORDER/QUORUM</p>\n<p>PUBLIC COMMENT<
 /p>\n<p>Members of the public may submit written testimony on these agen
 da items via e-mail or postal mail with receipt recommended by 4:30 p.m.
  on Friday\, May 22\, 2026\, in order to ensure it is distributed in tim
 e for consideration.&nbsp\; Please address written testimony if by e-mai
 l to diana.gomes@hawaii.gov or by postal mail to: Employees&rsquo\; Reti
 rement System of the State of Hawaii\, Investment Committee\, 201 Mercha
 nt Street\, Suite 1400\, Honolulu\, Hawaii 96813.&nbsp\;&nbsp\;</p>\n<p>
 PRESENTATIONS&nbsp\;&nbsp\;</p>\n<p>1.<span style="white-space: pre\;"> 
 </span>Total Fund Performance Review for period ending March 31\, 2026</
 p>\n<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\; Kristin Varela\, ERS Chief Invest
 ment Officer and Meketa Investment Group\, Inc.</p>\n<p>2.<span style="w
 hite-space: pre\;"> </span>2026 Asset Liability Study Education:&nbsp\; 
 Capital Market Assumptions</p>\n<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\; Krist
 in Varela\, ERS Chief Investment Officer and Meketa Investment Group\, I
 nc.</p>\n<p>3.<span style="white-space: pre\;"> </span>2026 Asset Liabil
 ity Study Education:&nbsp\; Risk &amp\; Implementation Survey</p>\n<p>&n
 bsp\; &nbsp\; &nbsp\; &nbsp\;Kristin Varela\, ERS Chief Investment Offic
 er and Meketa Investment Group\, Inc.</p>\n<p>4.<span style="white-space
 : pre\;"> </span>Rotating Alternative Asset Class Review: Private Equity
  Annual Review for period ending December 31\, 2025.&nbsp\;</p>\n<p>&nbs
 p\; &nbsp\; &nbsp\; &nbsp\; Aaron Au\, ERS Investment Officer and Hamilt
 on Lane Advisors\, LLC</p>\n<p>5.<span style="white-space: pre\;"> </spa
 n>Education: Risk Budget Policy Adoption&nbsp\;</p>\n<p>&nbsp\; &nbsp\; 
 &nbsp\; &nbsp\; &nbsp\;Lynn Kamimoto\, ERS Investment Officer and Meketa
  Investment Group</p>\n<p>Pursuant to HRS &sect\;&sect\; 88-27.5(a)(1) a
 nd 92-5(a)(4)\, the Committee may enter into Executive Session to conduc
 t discussions and deliberations relating to\, and if appropriate\, to ma
 ke a decision on investments or prospective investments by the system th
 at requires the consideration of information or records that are exempt 
 from disclosure under HRS Chapter 92F\, including information and record
 s that are proprietary information or confidential business information\
 , and to consult with the Board&rsquo\;s attorneys on questions and issu
 es pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immun
 ities\, and liabilities with respect to these matter.&nbsp\;</p>\n<p>REP
 ORTS BY STAFF&nbsp\;</p>\n<p>1.<span style="white-space: pre\;"> </span>
 Chief Investment Officer Update&nbsp\;</p>\n<p>APPROVAL OF MINUTES &ndas
 h\; February 17\, 2026&nbsp\;&nbsp\;</p>\n<p>APPROVAL OF EXECUTIVE SESSI
 ON MINUTES &ndash\; February 17\, 2026&nbsp\;</p>\n<p>Pursuant to HRS &s
 ect\;&sect\; 88-27.5(a)(1) and 92-5(a)(4)\, the Committee may enter into
  Executive Session if such approval requires the discussion of investmen
 ts or prospective investments by the system that requires the considerat
 ion of information or records that are exempt from disclosure under HRS 
 Chapter 92F\, including information and records that are proprietary inf
 ormation or confidential business information\, and to consult with the 
 Board&rsquo\;s attorneys on questions and issues pertaining to the Board
 &rsquo\;s powers\, duties\, privileges\, immunities\, and liabilities wi
 th respect to this matter.</p>\n<p>EXECUTIVE SESSION&nbsp\;</p>\n<p>1.<s
 pan style="white-space: pre\;"> </span>Executive Session\, pursuant to H
 RS &sect\;&sect\; 88-27.5(a)(1) and 92-5(a)(4) to conduct discussions an
 d deliberations relating to\, and if appropriate\, to make a decision on
  investments or prospective investments by the system that require the c
 onsideration of information or records that are exempt from disclosure u
 nder HRS Chapter 92F\, including information and records that are propri
 etary information or confidential business information\, and to consult 
 with the Board&rsquo\;s attorneys on questions and issues pertaining to 
 the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and liabi
 lities with respect to Confidential ERS Investment Portfolio activity to
  include (1) Annual Investment Activity update and (2) Investment Office
  updates.&nbsp\;</p>\n<p>ADJOURNMENT</p>\n<p>If you require auxiliary ai
 d/service or other accommodation due to a disability\, contact Diana Gom
 es at (808) 586-0175 or diana.gomes@hawaii.gov as soon as possible\, pre
 ferably by Friday\, May 22\, 2026\, and the ERS will try to obtain the a
 uxiliary aid/service or accommodation\, but cannot guarantee that the re
 quest can be fulfilled.&nbsp\; &nbsp\;Upon request\, this notice can be 
 made available in large print.</p>\n<p>&nbsp\;</p>
X-ALT-DESC;FMTTYPE=text/html:<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &
 nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &
 nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &
 nbsp\; NOTICE OF REGULAR MEETING</p>\n<p>AGENCY:<span style="white-space
 : pre\;"> </span>Investment Committee of the Board of Trustees of the&nb
 sp\;</p>\n<p><span style="white-space: normal\;"><span style="white-spac
 e: pre\;"> </span>Employees&rsquo\; Retirement System of the State of Ha
 waii</span></p>\n<p>DATE:<span style="white-space: pre\;"> </span>Tuesda
 y\, May 26\, 2026\; 1:30 p.m.</p>\n<p>PLACE:<span style="white-space: pr
 e\;"> </span>City Financial Tower\, 201 Merchant Street\, Suite 1200\, H
 onolulu\, Hawaii 96813</p>\n<p><span style="white-space: normal\;">The m
 eeting will be conducted pursuant to HRS &sect\; 92-3.7\, under which Me
 mbers of the Investment Committee of the Board of Trustees may participa
 te via interactive conference technology or in person at the meeting pla
 ce stated above.</span></p>\n<p><span style="white-space: normal\;">Memb
 ers of the public may also attend the meeting by teleconference either a
 udio or video\, at the following link and phone number:</span></p>\n<p>h
 ttps://teams.microsoft.com/meet/220269234657347?p=0Lcz4pWOZfYhae6C3o</p>
 \n<p>Meeting ID: 220 269 234 657 347</p>\n<p>Passcode: Mk6sa3pm</p>\n<p>
 Or</p>\n<p>+1 808-829-4853\,\,703004876# United States\, Honolulu</p>\n<
 p>Find a local number</p>\n<p>Phone conference ID: 703 004 876#</p>\n<p>
 Members of the public may provide testimony in person or by teleconferen
 ce.&nbsp\; Individuals testifying at the meeting are requested to limit 
 their testimony to three (3) minutes or an amount of time otherwise desi
 gnated by the Chairperson.</p>\n<p><span style="white-space: normal\;">I
 n the event audiovisual communication cannot be maintained with particip
 ating Trustees and quorum is lost\, the meeting shall be automatically r
 ecess for up to 30 minutes\, during which time\, an attempt to restore a
 udiovisual communication will be made.&nbsp\; If such attempt is unsucce
 ssful\, all Trustees\, members of the public\, staff and other intereste
 d individuals may continue to participate in the meeting via telephone u
 sing the above listed telephone and conference ID numbers\, whereby audi
 o-only communication will be established for all participants and the me
 eting will continue.&nbsp\; If reconvening the meeting is not possible b
 ecause neither audiovisual nor audio-only communication can be re-establ
 ished\, the meeting will be terminated.</span></p>\n<p>&nbsp\; &nbsp\; &
 nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &
 nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &
 nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &
 nbsp\; &nbsp\; &nbsp\; AGENDA&nbsp\;</p>\n<p>CALL TO ORDER/QUORUM</p>\n<
 p>PUBLIC COMMENT</p>\n<p>Members of the public may submit written testim
 ony on these agenda items via e-mail or postal mail with receipt recomme
 nded by 4:30 p.m. on Friday\, May 22\, 2026\, in order to ensure it is d
 istributed in time for consideration.&nbsp\; Please address written test
 imony if by e-mail to diana.gomes@hawaii.gov or by postal mail to: Emplo
 yees&rsquo\; Retirement System of the State of Hawaii\, Investment Commi
 ttee\, 201 Merchant Street\, Suite 1400\, Honolulu\, Hawaii 96813.&nbsp\
 ;&nbsp\;</p>\n<p>PRESENTATIONS&nbsp\;&nbsp\;</p>\n<p>1.<span style="whit
 e-space: pre\;"> </span>Total Fund Performance Review for period ending 
 March 31\, 2026</p>\n<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\; Kristin Varela\,
  ERS Chief Investment Officer and Meketa Investment Group\, Inc.</p>\n<p
 >2.<span style="white-space: pre\;"> </span>2026 Asset Liability Study E
 ducation:&nbsp\; Capital Market Assumptions</p>\n<p>&nbsp\; &nbsp\; &nbs
 p\; &nbsp\; Kristin Varela\, ERS Chief Investment Officer and Meketa Inv
 estment Group\, Inc.</p>\n<p>3.<span style="white-space: pre\;"> </span>
 2026 Asset Liability Study Education:&nbsp\; Risk &amp\; Implementation 
 Survey</p>\n<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\;Kristin Varela\, ERS Chief
  Investment Officer and Meketa Investment Group\, Inc.</p>\n<p>4.<span s
 tyle="white-space: pre\;"> </span>Rotating Alternative Asset Class Revie
 w: Private Equity Annual Review for period ending December 31\, 2025.&nb
 sp\;</p>\n<p>&nbsp\; &nbsp\; &nbsp\; &nbsp\; Aaron Au\, ERS Investment O
 fficer and Hamilton Lane Advisors\, LLC</p>\n<p>5.<span style="white-spa
 ce: pre\;"> </span>Education: Risk Budget Policy Adoption&nbsp\;</p>\n<p
 >&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\;Lynn Kamimoto\, ERS Investment O
 fficer and Meketa Investment Group</p>\n<p>Pursuant to HRS &sect\;&sect\
 ; 88-27.5(a)(1) and 92-5(a)(4)\, the Committee may enter into Executive 
 Session to conduct discussions and deliberations relating to\, and if ap
 propriate\, to make a decision on investments or prospective investments
  by the system that requires the consideration of information or records
  that are exempt from disclosure under HRS Chapter 92F\, including infor
 mation and records that are proprietary information or confidential busi
 ness information\, and to consult with the Board&rsquo\;s attorneys on q
 uestions and issues pertaining to the Board&rsquo\;s powers\, duties\, p
 rivileges\, immunities\, and liabilities with respect to these matter.&n
 bsp\;</p>\n<p>REPORTS BY STAFF&nbsp\;</p>\n<p>1.<span style="white-space
 : pre\;"> </span>Chief Investment Officer Update&nbsp\;</p>\n<p>APPROVAL
  OF MINUTES &ndash\; February 17\, 2026&nbsp\;&nbsp\;</p>\n<p>APPROVAL O
 F EXECUTIVE SESSION MINUTES &ndash\; February 17\, 2026&nbsp\;</p>\n<p>P
 ursuant to HRS &sect\;&sect\; 88-27.5(a)(1) and 92-5(a)(4)\, the Committ
 ee may enter into Executive Session if such approval requires the discus
 sion of investments or prospective investments by the system that requir
 es the consideration of information or records that are exempt from disc
 losure under HRS Chapter 92F\, including information and records that ar
 e proprietary information or confidential business information\, and to 
 consult with the Board&rsquo\;s attorneys on questions and issues pertai
 ning to the Board&rsquo\;s powers\, duties\, privileges\, immunities\, a
 nd liabilities with respect to this matter.</p>\n<p>EXECUTIVE SESSION&nb
 sp\;</p>\n<p>1.<span style="white-space: pre\;"> </span>Executive Sessio
 n\, pursuant to HRS &sect\;&sect\; 88-27.5(a)(1) and 92-5(a)(4) to condu
 ct discussions and deliberations relating to\, and if appropriate\, to m
 ake a decision on investments or prospective investments by the system t
 hat require the consideration of information or records that are exempt 
 from disclosure under HRS Chapter 92F\, including information and record
 s that are proprietary information or confidential business information\
 , and to consult with the Board&rsquo\;s attorneys on questions and issu
 es pertaining to the Board&rsquo\;s powers\, duties\, privileges\, immun
 ities\, and liabilities with respect to Confidential ERS Investment Port
 folio activity to include (1) Annual Investment Activity update and (2) 
 Investment Office updates.&nbsp\;</p>\n<p>ADJOURNMENT</p>\n<p>If you req
 uire auxiliary aid/service or other accommodation due to a disability\, 
 contact Diana Gomes at (808) 586-0175 or diana.gomes@hawaii.gov as soon 
 as possible\, preferably by Friday\, May 22\, 2026\, and the ERS will tr
 y to obtain the auxiliary aid/service or accommodation\, but cannot guar
 antee that the request can be fulfilled.&nbsp\; &nbsp\;Upon request\, th
 is notice can be made available in large print.</p>\n<p>&nbsp\;</p>
END:VEVENT
END:VCALENDAR