BEGIN:VCALENDAR
PRODID:-//Hawaii Public Meetings and Events Calendar//111285836//EN
VERSION:2.0
CALSCALE:GREGORIAN
BEGIN:VEVENT
DTSTAMP:20261115T180633Z
DTSTART:20261008T080000
DTEND:20261009T000000
SUMMARY:Special Meeting of the Board of Trustees of the Employees' Retire
 ment System of the State of Hawaii
UID:20261115T180634Z-uidGen@fe80:0:0:0:410:d2ff:fefd:e5dd%ens5
TZID:HST
LOCATION:The Ritz-Carlton Oahu\, Turtle Bay\, 57-091 Kamehameha Highway\,
  Kahuku\, Hawaii  96731
DESCRIPTION:<p style="text-align: center\;"><span style="font-size: 11.0p
 t\;">NOTICE OF SPECIAL MEETING</span><span style="font-size: 10.0pt\;">&
 nbsp\;</span></p>\n<p><span style="font-size: 11.0pt\;">AGENCY:&nbsp\; &
 nbsp\; &nbsp\; &nbsp\; &nbsp\; Board of Trustees of the Employees&rsquo\
 ; Retirement System of the State of Hawaii</span></p>\n<p><span style="f
 ont-size: 11.0pt\;">PLACE:&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\
 ; &nbsp\;The Ritz-Carlton Oahu\, Turtle Bay\, 57-091 Kamehameha Highway\
 , Kahuku\, Hawaii&nbsp\; 96731</span></p>\n<p><span style="font-size: 11
 .0pt\;">DATES:&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\;Tue
 sday\, October 6\, 2026\, 5:30 p.m. (Oahu Conference Room)\;<br /></span
 ><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Wednesday\, October
  7\, 2026\, 8:00 a.m. (Oahu Conference Room)\;<br /></span><span style="
 font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Thursday\, October 8\, 2026\, 8:0
 0 a.m. (Kuilima Ballrooms 1 and 2)\;<br /></span><span style="font-size:
  11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp
 \;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;
 &nbsp\;&nbsp\;&nbsp\;&nbsp\; Friday\, October 9\, 2026\, 8:10 a.m. (Kuil
 ima Ballrooms 1 and 2)</span></p>\n<h2 style="text-align: center\;"><spa
 n style="font-size: 11.0pt\;">AGENDA</span></h2>\n<p><strong><em><span s
 tyle="font-size: 11.0pt\;">The order in which items on the agenda are co
 nsidered may change at the discretion of the Chair.<br /></span></em></s
 trong><strong><em><span style="font-size: 11.0pt\;">Meeting will begin a
 t 5:30 p.m. on Tuesday\, October 6\, 2026\, in the Oahu Conference Room.
 </span></em></strong><span style="font-size: 10pt\;">&nbsp\;</span></p>\
 n<p><strong><u><span style="font-size: 11.0pt\;">TUESDAY\, OCTOBER 6\, 2
 026</span></u></strong></p>\n<p><span style="font-size: 11.0pt\;"><span 
 style="text-decoration: underline\;">QUORUM/CALL TO ORDER<br /></span></
 span><span style="font-size: 11pt\;">Vincent Barfield\, Chair\, Employee
 s&rsquo\; Retirement System Board of Trustees</span><span style="font-si
 ze: 10.0pt\;">&nbsp\;</span></p>\n<p><u><span style="font-size: 11.0pt\;
 ">PUBLIC COMMENT<br /></span></u><span style="font-size: 11.0pt\;">Membe
 rs of the public may submit written testimony on these agenda items via 
 e-mail or postal mail with receipt recommended by 4:30 p.m. on Monday\, 
 October 5\, 2026\, in order to ensure it is distributed in time for cons
 ideration.&nbsp\; Please address written testimony if by e-mail to:&nbsp
 \; </span><a href="mailto:dale.kanae@hawaii.gov"><span style="font-size:
  11.0pt\;">dale.kanae@hawaii.gov</span></a><span style="font-size: 11.0p
 t\;"> or by postal mail to:&nbsp\; Employees&rsquo\; Retirement System o
 f the State of Hawaii\, Board of Trustees\, 201 Merchant Street\, Suite 
 1400\, Honolulu\, HI&nbsp\; 96813.&nbsp\; Members of the public may also
  attend the meeting and provide testimony in person</span><span style="f
 ont-size: 11.0pt\;">.<br /><br /></span><u><span style="font-size: 11.0p
 t\;">NEW BUSINESS<br /><br /></span></u><u></u><span style="font-size: 1
 1.0pt\;">1.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt
 \;">Pre-ERS Investment Education Summit Session. Review Agendas for Octo
 ber 7-9\, 2026.</span></p>\n<p><strong><em><span style="font-size: 11.0p
 t\;">Meeting will recess and reconvene at 8:00 a.m. on Wednesday\, Octob
 er 7\, 2026\, in the Oahu Conference Room.</span></em></strong></p>\n<p>
 &nbsp\;</p>\n<p><strong><u><span style="font-size: 11.0pt\;">WEDNESDAY\,
  OCTOBER 7\, 2026</span></u></strong><span style="font-size: 10.0pt\;">&
 nbsp\;</span></p>\n<p><strong><em><span style="font-size: 11.0pt\;">Meet
 ing will reconvene at 8:00 a.m. in the Oahu Conference Room.</span></em>
 </strong></p>\n<p><u><span style="font-size: 11.0pt\;">RECONVENE</span><
 /u></p>\n<p><u><span style="font-size: 11.0pt\;">QUORUM/CALL TO ORDER<br
  /></span></u><span style="font-size: 11.0pt\;">Vincent Barfield\, Chair
 \, Employees&rsquo\; Retirement System Board of Trustees</span></p>\n<p>
 <u><span style="font-size: 11.0pt\;">EXECUTIVE SESSION<br /></span></u><
 u></u><span style="font-size: 11.0pt\;">The following matters will be co
 nsidered in Executive Session\, pursuant to HRS &sect\;88-27.5(a)(1) and
  (3) and HRS &sect\;92-5(a)(4)\, as the Board anticipates conducting dis
 cussions and/or deliberations relating to\, or to make a decision upon\,
  investments or prospective investments by the system that require the c
 onsideration of information or records that are exempt from disclosure u
 nder HRS &sect\;92F\, including without limitation information and recor
 ds that are proprietary information or confidential business information
 \, and deliberations concerning the authority of persons designated by t
 he Board to negotiate investments or the sale of property held by or for
  the benefit of the system\; and to discuss and review Leadership Succes
 sion Plans of the ERS.&nbsp\; The Board may also consult with the Board&
 rsquo\;s attorneys on questions and issues pertaining to the Board&rsquo
 \;s powers\, duties\, privileges\, immunities\, and liabilities with res
 pect to these matters.</span></p>\n<p><span style="font-size: 11.0pt\;">
 1.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">Total
  Fund Strategic Update.</span></p>\n<p><span style="font-size: 11.0pt\;"
 >2.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">Asse
 t Liability Study.</span></p>\n<p><span style="font-size: 11.0pt\;">3.<s
 pan style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;
 &nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">Total Fun
 d Liquidity and Risk Update.</span></p>\n<p><span style="font-size: 11.0
 pt\;">4.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;"
 >Operational Risk Introduction.</span></p>\n<p><span style="font-size: 1
 1.0pt\;">5.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt
 \;">Liquid Markets.</span></p>\n<p style="padding-left: 40px\;"><span st
 yle="font-size: 11.0pt\;">a.<span style="font: 7.0pt 'Times New Roman'\;
 ">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="
 font-size: 11.0pt\;">Diversifying Strategies Strategic Update.<br /></sp
 an><span style="font-size: 11.0pt\;">b.<span style="font: 7.0pt 'Times N
 ew Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><s
 pan style="font-size: 11.0pt\;">Public Equity Update.</span></p>\n<p><sp
 an style="font-size: 11.0pt\;">6.<span style="font: 7.0pt 'Times New Rom
 an'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span st
 yle="font-size: 11.0pt\;">Private Markets.</span></p>\n<p style="padding
 -left: 40px\;"><span style="font-size: 11.0pt\;">a.<span style="font: 7.
 0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </sp
 an></span><span style="font-size: 11.0pt\;">Global Credit Strategic Plan
 .<br /></span><span style="font-size: 11.0pt\;">b.<span style="font: 7.0
 pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </spa
 n></span><span style="font-size: 11.0pt\;">Real Assets Strategic Plan.<b
 r /></span><span style="font-size: 11.0pt\;">c.<span style="font: 7.0pt 
 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span><
 /span><span style="font-size: 11.0pt\;">Private Equity Strategic Plan.<b
 r /></span><span style="font-size: 11.0pt\;">d.<span style="font: 7.0pt 
 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span><
 /span><span style="font-size: 11.0pt\;">HiTIP Strategic Update.</span></
 p>\n<p><span style="font-size: 11.0pt\;">7.<span style="font: 7.0pt 'Tim
 es New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></spa
 n><span style="font-size: 11.0pt\;">Approval of Global Credit Strategic 
 Plan\, Real Assets Strategic Plan\, and Private Equity Strategic Plan.</
 span></p>\n<p><span style="font-size: 11.0pt\;">8.<span style="font: 7.0
 pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </spa
 n></span><span style="font-size: 11.0pt\;">BlackRock Alpha Tilt Portfoli
 o Strategy and Performance.</span></p>\n<p><span style="font-size: 11.0p
 t\;">9.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp
 \;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">
 Executive Session\, pursuant to HRS &sect\;92-5(a)(4)\, to Discuss and R
 eview Leadership Succession Plans of the Employees&rsquo\; Retirement Sy
 stem.</span></p>\n<p><strong><em><span style="font-size: 11.0pt\;">Meeti
 ng will recess and reconvene at 8:00 a.m. on Thursday\, October 8\, 2026
 \, in the Kuilima Ballrooms 1 and 2.</span></em></strong><span style="fo
 nt-size: 10.0pt\;">&nbsp\;</span></p>\n<p>&nbsp\;</p>\n<p><strong><u><sp
 an style="font-size: 11.0pt\;">THURSDAY\, OCTOBER 8\, 2025</span></u></s
 trong></p>\n<p><span style="font-size: 10.0pt\;">&nbsp\;</span><strong><
 em><span style="font-size: 11.0pt\;">Meeting will reconvene at 8:00 a.m.
  in the Kuilima Ballrooms 1 and 2.</span></em></strong></p>\n<p><u><span
  style="font-size: 11.0pt\;">RECONVENE</span></u></p>\n<p><u><span style
 ="font-size: 11.0pt\;">QUORUM/CALL TO ORDER<br /></span></u><span style=
 "font-size: 11.0pt\;">Vincent Barfield\, Chair\, Employees&rsquo\; Retir
 ement System Board of Trustees</span></p>\n<p><u><span style="font-size:
  11.0pt\;">WELCOME ADDRESS<br /></span></u><span style="font-size: 11.0p
 t\;">Vincent Barfield\, Chair\, Employees&rsquo\; Retirement System Boar
 d of Trustees</span></p>\n<p><u><span style="font-size: 11.0pt\;">STATE 
 OF THE EMPLOYEES&rsquo\; RETIREMENT SYSTEM<br /></span></u><span style="
 font-size: 11.0pt\;">Kalbert Young\, Executive Director\, Employees&rsqu
 o\; Retirement System</span></p>\n<p><u><span style="font-size: 11.0pt\;
 ">MASTERCLASS ON INVESTMENT LEADERSHIP<br /></span></u><span style="font
 -size: 11.0pt\;">Moderator: Vincent Barfield\, Chair\, Employees&rsquo\;
  Retirement System Board of Trustees<br /></span><span style="font-size:
  11.0pt\;">Panelist:&nbsp\;&nbsp\;&nbsp\;&nbsp\; Rob Kaplan\, Vice Chair
 man\, Goldman Sachs</span></p>\n<p><u><span style="font-size: 11.0pt\;">
 KEYNOTE:&nbsp\; U.S. PUBLIC POLICY &amp\; POLITICAL MARKET INSIGHTS<br /
 ></span></u><span style="font-size: 11.0pt\;">Presenter:&nbsp\;&nbsp\; E
 mmit Kane\, Trustee\, Employees&rsquo\; Retirement System Board of Trust
 ees<br /></span><span style="font-size: 11.0pt\;">Speaker:&nbsp\;&nbsp\;
 &nbsp\;&nbsp\; Gene Sperling\, Consultant to PIMCO</span></p>\n<p><u><sp
 an style="font-size: 11.0pt\;">MACROECONOMIC TRENDS<br /></span></u><spa
 n style="font-size: 11.0pt\;">Moderator: Lynn Kamimoto\, Investment Offi
 cer - Risk\, Employees&rsquo\; Retirement System<br /></span><span style
 ="font-size: 11.0pt\;">Panelist:&nbsp\;&nbsp\;&nbsp\;&nbsp\; Torsten Slo
 k\, Partner and Chief Economist\, Apollo Global Management</span><span s
 tyle="font-size: 9.0pt\;">&nbsp\;</span></p>\n<p><u><span style="font-si
 ze: 11.0pt\;">INVESTING IN ARTIFICIAL INTELLIGENCE<br /></span></u><span
  style="font-size: 11.0pt\;">Moderator:&nbsp\; Aaron Au\, Investment Off
 icer &ndash\; Private Equity/Venture Capital\, Employees&rsquo\; Retirem
 ent System<br /></span><span style="font-size: 11.0pt\;">Panelist:&nbsp\
 ; &nbsp\; &nbsp\; &nbsp\;Anita Sands\, Vice Chair &amp\; Head of Growth\
 , General Catalyst</span></p>\n<p><u><span style="font-size: 11.0pt\;">T
 HE VALUE OF OPERATIONAL DUE DILIGENCE<br /></span></u><u></u><span style
 ="font-size: 11.0pt\;">Moderator: Jennifer Kimura\, Investment Officer &
 ndash\; Operations\, Employees&rsquo\; Retirement System<br /></span><sp
 an style="font-size: 11.0pt\;">Panelist:&nbsp\;&nbsp\;&nbsp\;&nbsp\; Mic
 hael Merrigan\, Founder\, Shadmoor Advisors</span></p>\n<p><u><span styl
 e="font-size: 11.0pt\;">DIVERSIFYING STRATEGIES:&nbsp\; BUILT TO PERFORM
  WHEN MARKETS DON&rsquo\;T<br /></span></u><u></u><span style="font-size
 : 11.0pt\;">Moderator: Andrew Chen\, Investment Officer &ndash\; Global 
 Credit/Diversifying\, Employees&rsquo\; Retirement System<br /></span><s
 pan style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp
 \;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;
 &nbsp\; Roman Mahi\, Investment Specialist &ndash\; Global Credit/Divers
 ifying\, Employees&rsquo\; Retirement System<br /></span><span style="fo
 nt-size: 11.0pt\;">Panelists:&nbsp\;&nbsp\;&nbsp\; Neale Jackson\, Portf
 olio Manager\, 36 South Advisors<br /></span><span style="font-size: 11.
 0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Faisal Javaid\, H
 ead of External Alpha Investment Risk\, Solutions\, Man Group<br /></spa
 n><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\; Lisa Martin\, Director of Business Development\, Crabel Capi
 tal Management<br /></span><span style="font-size: 11.0pt\;">&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Chris Santore\, Executive Vice Pres
 ident\, Quantitative Strategies\, PIMCO</span></p>\n<p><u><span style="f
 ont-size: 11.0pt\;">HAWAII TARGETED INVESTMENTS<br /></span></u><u></u><
 span style="font-size: 11.0pt\;">Moderator: Andrew Betz\, Partner\, Staf
 ford Capital Partners<br /></span><span style="font-size: 11.0pt\;">Pane
 lists:&nbsp\;&nbsp\;&nbsp\; Dawn Harflinger\, Founder\, Hawaii Permanent
  Fund\, Opihi Capital<br /></span><span style="font-size: 11.0pt\;">&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Scott Trebilco\, Senior Mana
 ging Director\, Blackstone &ndash\; Real Estate</span></p>\n<p><u><span 
 style="font-size: 11.0pt\;">PRIVATE MARKETS OUTLOOK<br /></span></u><u><
 /u><span style="font-size: 11.0pt\;">Moderator: Ian Wetzel\, Investment 
 Officer &ndash\; Real Assets\, Employees&rsquo\; Retirement System<br />
 </span><span style="font-size: 11.0pt\;">Panelists:&nbsp\;&nbsp\;&nbsp\;
  Ilene Levinson\, Managing Director\, Hamilton Lane<br /></span><span st
 yle="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ; Sasha Talcott\, Managing Director\, KKR Client Solutions<br /></span><
 span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\; Steve Turner\, Managing Director\, Morgan Stanley Investment Ma
 nagement</span></p>\n<p><strong><em><span style="font-size: 11.0pt\;">Me
 eting will recess and reconvene at 8:10 a.m. on Friday\, October 9\, 202
 6\, in the Kuilima Ballrooms 1 and 2.</span></em></strong></p>\n<p>&nbsp
 \;</p>\n<p><strong><u><span style="font-size: 11.0pt\;">FRIDAY\, OCTOBER
  9\, 2026</span></u></strong><span style="font-size: 10.0pt\;">&nbsp\;</
 span></p>\n<p><strong><em><span style="font-size: 11.0pt\;">Meeting will
  reconvene at 8:10 a.m. in the Kuilima Ballrooms 1 and 2.</span></em></s
 trong></p>\n<p><u><span style="font-size: 11.0pt\;">RECONVENE</span></u>
 </p>\n<p><u><span style="font-size: 11.0pt\;">QUORUM/CALL TO ORDER<br />
 </span></u><span style="font-size: 11.0pt\;">Vincent Barfield\, Chair\, 
 Employees&rsquo\; Retirement System Board of Trustees</span></p>\n<p><u>
 <span style="font-size: 11.0pt\;">KEYNOTE ADDRESS:&nbsp\; EMPATHIC LEADE
 RSHIP VALUE CREATION<br /></span></u><u></u><span style="font-size: 11.0
 pt\;">Presenter:&nbsp\;&nbsp\; Amanda Lowrey\, Trustee\, Employees&rsquo
 \; Retirement System Board of Trustees<br /></span><span style="font-siz
 e: 11.0pt\;">Speaker:&nbsp\;&nbsp\;&nbsp\;&nbsp\; Amy Lesch\, Partner\, 
 Head of Global Product Strategy\, KKR Client Solutions</span></p>\n<p><u
 ><span style="font-size: 11.0pt\;">PUBLIC PENSION CIO PANEL:&nbsp\; LESS
 ONS LEARNED<br /></span></u><span style="font-size: 11.0pt\;">Moderator:
  Anthony Goo\, Interim Chief Investment Officer\, Employees&rsquo\; Reti
 rement System<br /></span><span style="font-size: 11.0pt\;">Panelists:&n
 bsp\;&nbsp\;&nbsp\; Jason Malinowski\, CIO\, Seattle City Employees&rsqu
 o\; Retirement System<br /></span><span style="font-size: 11.0pt\;">&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Steven Meier\, Vice Chair of
  Neuberger Berman\; former CIO\, New York City Bureau of Asset Managemen
 t<br /></span><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp
 \;&nbsp\;&nbsp\;&nbsp\; Alison Romano\, CEO &amp\; CIO\, San Francisco E
 mployees&rsquo\; Retirement System</span></p>\n<p><u><span style="font-s
 ize: 11.0pt\;">A CONVERSATION WITH THE TITANS OF PRIVATE CREDIT<br /></s
 pan></u><span style="font-size: 11.0pt\;">Moderator: Darlene Blakeney\, 
 Trustee\, Employees&rsquo\; Retirement System Board of Trustees<br /></s
 pan><span style="font-size: 11.0pt\;">Panelists:&nbsp\;&nbsp\;&nbsp\; Gl
 en August\, CEO\, Oak Hill Advisors<br /></span><span style="font-size: 
 11.0pt\;">&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\
 ; &nbsp\; Howard Marks\, Co-Chair\, Oaktree Capital Management</span><sp
 an style="font-size: 10.0pt\; mso-fareast-font-family: Calibri\; mso-far
 east-theme-font: minor-latin\;">&nbsp\;</span></p>\n<p><u><span style="f
 ont-size: 11.0pt\;">CLOSING<br /></span></u><span style="font-size: 11.0
 pt\;">Presenters: Vincent Barfield\, Chair\, Employees&rsquo\; Retiremen
 t System Board of Trustees<br /></span><span style="font-size: 11.0pt\;"
 >&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Anthony Goo\, Interim C
 hief Investment Officer\, Employees&rsquo\; Retirement System</span></p>
 \n<p><u><span style="font-size: 11.0pt\;">NEW BUSINESS (cont&rsquo\;d)</
 span></u></p>\n<p><span style="font-size: 11.0pt\;">2.<span style="font:
  7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; <
 /span></span><span style="font-size: 11.0pt\;">Post-ERS Investment Educa
 tion Summit Debrief Session.&nbsp\; Discuss Insights\, Improvements\, an
 d Future Events.<u></u></span></p>\n<p><u><span style="font-size: 11.5pt
 \;">ADJOURNMENT</span></u></p>\n<p style="padding-left: 40px\;"><span st
 yle="font-size: 11.0pt\;">If you require auxiliary aid/service or other 
 accommodation due to a disability\, please contact Dale Kehau Kanae at (
 808) 586-1706 or </span><a href="mailto:dale.kanae@hawaii.gov"><span sty
 le="font-size: 11.0pt\;">dale.kanae@hawaii.gov</span></a><span style="fo
 nt-size: 11.0pt\;"> as soon as possible\, preferably by Thursday\,<br />
 October 1\, 2026\, and the ERS will try to obtain the auxiliary aid/serv
 ice or accommodation\, but cannot guarantee that the request can be fulf
 illed.</span></p>\n<p style="padding-left: 40px\;"><span style="font-siz
 e: 11.0pt\;">Upon request\, this notice can be made available in large p
 rint.</span></p>
X-ALT-DESC;FMTTYPE=text/html:<p style="text-align: center\;"><span style=
 "font-size: 11.0pt\;">NOTICE OF SPECIAL MEETING</span><span style="font-
 size: 10.0pt\;">&nbsp\;</span></p>\n<p><span style="font-size: 11.0pt\;"
 >AGENCY:&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; Board of Trustees of the
  Employees&rsquo\; Retirement System of the State of Hawaii</span></p>\n
 <p><span style="font-size: 11.0pt\;">PLACE:&nbsp\; &nbsp\; &nbsp\; &nbsp
 \; &nbsp\; &nbsp\; &nbsp\;The Ritz-Carlton Oahu\, Turtle Bay\, 57-091 Ka
 mehameha Highway\, Kahuku\, Hawaii&nbsp\; 96731</span></p>\n<p><span sty
 le="font-size: 11.0pt\;">DATES:&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &
 nbsp\; &nbsp\;Tuesday\, October 6\, 2026\, 5:30 p.m. (Oahu Conference Ro
 om)\;<br /></span><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; We
 dnesday\, October 7\, 2026\, 8:00 a.m. (Oahu Conference Room)\;<br /></s
 pan><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Thursday\, Octob
 er 8\, 2026\, 8:00 a.m. (Kuilima Ballrooms 1 and 2)\;<br /></span><span 
 style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Friday\, October 9\, 2026\
 , 8:10 a.m. (Kuilima Ballrooms 1 and 2)</span></p>\n<h2 style="text-alig
 n: center\;"><span style="font-size: 11.0pt\;">AGENDA</span></h2>\n<p><s
 trong><em><span style="font-size: 11.0pt\;">The order in which items on 
 the agenda are considered may change at the discretion of the Chair.<br 
 /></span></em></strong><strong><em><span style="font-size: 11.0pt\;">Mee
 ting will begin at 5:30 p.m. on Tuesday\, October 6\, 2026\, in the Oahu
  Conference Room.</span></em></strong><span style="font-size: 10pt\;">&n
 bsp\;</span></p>\n<p><strong><u><span style="font-size: 11.0pt\;">TUESDA
 Y\, OCTOBER 6\, 2026</span></u></strong></p>\n<p><span style="font-size:
  11.0pt\;"><span style="text-decoration: underline\;">QUORUM/CALL TO ORD
 ER<br /></span></span><span style="font-size: 11pt\;">Vincent Barfield\,
  Chair\, Employees&rsquo\; Retirement System Board of Trustees</span><sp
 an style="font-size: 10.0pt\;">&nbsp\;</span></p>\n<p><u><span style="fo
 nt-size: 11.0pt\;">PUBLIC COMMENT<br /></span></u><span style="font-size
 : 11.0pt\;">Members of the public may submit written testimony on these 
 agenda items via e-mail or postal mail with receipt recommended by 4:30 
 p.m. on Monday\, October 5\, 2026\, in order to ensure it is distributed
  in time for consideration.&nbsp\; Please address written testimony if b
 y e-mail to:&nbsp\; </span><a href="mailto:dale.kanae@hawaii.gov"><span 
 style="font-size: 11.0pt\;">dale.kanae@hawaii.gov</span></a><span style=
 "font-size: 11.0pt\;"> or by postal mail to:&nbsp\; Employees&rsquo\; Re
 tirement System of the State of Hawaii\, Board of Trustees\, 201 Merchan
 t Street\, Suite 1400\, Honolulu\, HI&nbsp\; 96813.&nbsp\; Members of th
 e public may also attend the meeting and provide testimony in person</sp
 an><span style="font-size: 11.0pt\;">.<br /><br /></span><u><span style=
 "font-size: 11.0pt\;">NEW BUSINESS<br /><br /></span></u><u></u><span st
 yle="font-size: 11.0pt\;">1.<span style="font: 7.0pt 'Times New Roman'\;
 ">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="
 font-size: 11.0pt\;">Pre-ERS Investment Education Summit Session. Review
  Agendas for October 7-9\, 2026.</span></p>\n<p><strong><em><span style=
 "font-size: 11.0pt\;">Meeting will recess and reconvene at 8:00 a.m. on 
 Wednesday\, October 7\, 2026\, in the Oahu Conference Room.</span></em><
 /strong></p>\n<p>&nbsp\;</p>\n<p><strong><u><span style="font-size: 11.0
 pt\;">WEDNESDAY\, OCTOBER 7\, 2026</span></u></strong><span style="font-
 size: 10.0pt\;">&nbsp\;</span></p>\n<p><strong><em><span style="font-siz
 e: 11.0pt\;">Meeting will reconvene at 8:00 a.m. in the Oahu Conference 
 Room.</span></em></strong></p>\n<p><u><span style="font-size: 11.0pt\;">
 RECONVENE</span></u></p>\n<p><u><span style="font-size: 11.0pt\;">QUORUM
 /CALL TO ORDER<br /></span></u><span style="font-size: 11.0pt\;">Vincent
  Barfield\, Chair\, Employees&rsquo\; Retirement System Board of Trustee
 s</span></p>\n<p><u><span style="font-size: 11.0pt\;">EXECUTIVE SESSION<
 br /></span></u><u></u><span style="font-size: 11.0pt\;">The following m
 atters will be considered in Executive Session\, pursuant to HRS &sect\;
 88-27.5(a)(1) and (3) and HRS &sect\;92-5(a)(4)\, as the Board anticipat
 es conducting discussions and/or deliberations relating to\, or to make 
 a decision upon\, investments or prospective investments by the system t
 hat require the consideration of information or records that are exempt 
 from disclosure under HRS &sect\;92F\, including without limitation info
 rmation and records that are proprietary information or confidential bus
 iness information\, and deliberations concerning the authority of person
 s designated by the Board to negotiate investments or the sale of proper
 ty held by or for the benefit of the system\; and to discuss and review 
 Leadership Succession Plans of the ERS.&nbsp\; The Board may also consul
 t with the Board&rsquo\;s attorneys on questions and issues pertaining t
 o the Board&rsquo\;s powers\, duties\, privileges\, immunities\, and lia
 bilities with respect to these matters.</span></p>\n<p><span style="font
 -size: 11.0pt\;">1.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;
 &nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font-size
 : 11.0pt\;">Total Fund Strategic Update.</span></p>\n<p><span style="fon
 t-size: 11.0pt\;">2.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\
 ;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font-siz
 e: 11.0pt\;">Asset Liability Study.</span></p>\n<p><span style="font-siz
 e: 11.0pt\;">3.<span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font-size: 11
 .0pt\;">Total Fund Liquidity and Risk Update.</span></p>\n<p><span style
 ="font-size: 11.0pt\;">4.<span style="font: 7.0pt 'Times New Roman'\;">&
 nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="fon
 t-size: 11.0pt\;">Operational Risk Introduction.</span></p>\n<p><span st
 yle="font-size: 11.0pt\;">5.<span style="font: 7.0pt 'Times New Roman'\;
 ">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="
 font-size: 11.0pt\;">Liquid Markets.</span></p>\n<p style="padding-left:
  40px\;"><span style="font-size: 11.0pt\;">a.<span style="font: 7.0pt 'T
 imes New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></s
 pan><span style="font-size: 11.0pt\;">Diversifying Strategies Strategic 
 Update.<br /></span><span style="font-size: 11.0pt\;">b.<span style="fon
 t: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;
  </span></span><span style="font-size: 11.0pt\;">Public Equity Update.</
 span></p>\n<p><span style="font-size: 11.0pt\;">6.<span style="font: 7.0
 pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </spa
 n></span><span style="font-size: 11.0pt\;">Private Markets.</span></p>\n
 <p style="padding-left: 40px\;"><span style="font-size: 11.0pt\;">a.<spa
 n style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">Global Cred
 it Strategic Plan.<br /></span><span style="font-size: 11.0pt\;">b.<span
  style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">Real Assets 
 Strategic Plan.<br /></span><span style="font-size: 11.0pt\;">c.<span st
 yle="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\; </span></span><span style="font-size: 11.0pt\;">Private Equity 
 Strategic Plan.<br /></span><span style="font-size: 11.0pt\;">d.<span st
 yle="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\; </span></span><span style="font-size: 11.0pt\;">HiTIP Strategic
  Update.</span></p>\n<p><span style="font-size: 11.0pt\;">7.<span style=
 "font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\; </span></span><span style="font-size: 11.0pt\;">Approval of Global 
 Credit Strategic Plan\, Real Assets Strategic Plan\, and Private Equity 
 Strategic Plan.</span></p>\n<p><span style="font-size: 11.0pt\;">8.<span
  style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">BlackRock Al
 pha Tilt Portfolio Strategy and Performance.</span></p>\n<p><span style=
 "font-size: 11.0pt\;">9.<span style="font: 7.0pt 'Times New Roman'\;">&n
 bsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; </span></span><span style="font
 -size: 11.0pt\;">Executive Session\, pursuant to HRS &sect\;92-5(a)(4)\,
  to Discuss and Review Leadership Succession Plans of the Employees&rsqu
 o\; Retirement System.</span></p>\n<p><strong><em><span style="font-size
 : 11.0pt\;">Meeting will recess and reconvene at 8:00 a.m. on Thursday\,
  October 8\, 2026\, in the Kuilima Ballrooms 1 and 2.</span></em></stron
 g><span style="font-size: 10.0pt\;">&nbsp\;</span></p>\n<p>&nbsp\;</p>\n
 <p><strong><u><span style="font-size: 11.0pt\;">THURSDAY\, OCTOBER 8\, 2
 025</span></u></strong></p>\n<p><span style="font-size: 10.0pt\;">&nbsp\
 ;</span><strong><em><span style="font-size: 11.0pt\;">Meeting will recon
 vene at 8:00 a.m. in the Kuilima Ballrooms 1 and 2.</span></em></strong>
 </p>\n<p><u><span style="font-size: 11.0pt\;">RECONVENE</span></u></p>\n
 <p><u><span style="font-size: 11.0pt\;">QUORUM/CALL TO ORDER<br /></span
 ></u><span style="font-size: 11.0pt\;">Vincent Barfield\, Chair\, Employ
 ees&rsquo\; Retirement System Board of Trustees</span></p>\n<p><u><span 
 style="font-size: 11.0pt\;">WELCOME ADDRESS<br /></span></u><span style=
 "font-size: 11.0pt\;">Vincent Barfield\, Chair\, Employees&rsquo\; Retir
 ement System Board of Trustees</span></p>\n<p><u><span style="font-size:
  11.0pt\;">STATE OF THE EMPLOYEES&rsquo\; RETIREMENT SYSTEM<br /></span>
 </u><span style="font-size: 11.0pt\;">Kalbert Young\, Executive Director
 \, Employees&rsquo\; Retirement System</span></p>\n<p><u><span style="fo
 nt-size: 11.0pt\;">MASTERCLASS ON INVESTMENT LEADERSHIP<br /></span></u>
 <span style="font-size: 11.0pt\;">Moderator: Vincent Barfield\, Chair\, 
 Employees&rsquo\; Retirement System Board of Trustees<br /></span><span 
 style="font-size: 11.0pt\;">Panelist:&nbsp\;&nbsp\;&nbsp\;&nbsp\; Rob Ka
 plan\, Vice Chairman\, Goldman Sachs</span></p>\n<p><u><span style="font
 -size: 11.0pt\;">KEYNOTE:&nbsp\; U.S. PUBLIC POLICY &amp\; POLITICAL MAR
 KET INSIGHTS<br /></span></u><span style="font-size: 11.0pt\;">Presenter
 :&nbsp\;&nbsp\; Emmit Kane\, Trustee\, Employees&rsquo\; Retirement Syst
 em Board of Trustees<br /></span><span style="font-size: 11.0pt\;">Speak
 er:&nbsp\;&nbsp\;&nbsp\;&nbsp\; Gene Sperling\, Consultant to PIMCO</spa
 n></p>\n<p><u><span style="font-size: 11.0pt\;">MACROECONOMIC TRENDS<br 
 /></span></u><span style="font-size: 11.0pt\;">Moderator: Lynn Kamimoto\
 , Investment Officer - Risk\, Employees&rsquo\; Retirement System<br /><
 /span><span style="font-size: 11.0pt\;">Panelist:&nbsp\;&nbsp\;&nbsp\;&n
 bsp\; Torsten Slok\, Partner and Chief Economist\, Apollo Global Managem
 ent</span><span style="font-size: 9.0pt\;">&nbsp\;</span></p>\n<p><u><sp
 an style="font-size: 11.0pt\;">INVESTING IN ARTIFICIAL INTELLIGENCE<br /
 ></span></u><span style="font-size: 11.0pt\;">Moderator:&nbsp\; Aaron Au
 \, Investment Officer &ndash\; Private Equity/Venture Capital\, Employee
 s&rsquo\; Retirement System<br /></span><span style="font-size: 11.0pt\;
 ">Panelist:&nbsp\; &nbsp\; &nbsp\; &nbsp\;Anita Sands\, Vice Chair &amp\
 ; Head of Growth\, General Catalyst</span></p>\n<p><u><span style="font-
 size: 11.0pt\;">THE VALUE OF OPERATIONAL DUE DILIGENCE<br /></span></u><
 u></u><span style="font-size: 11.0pt\;">Moderator: Jennifer Kimura\, Inv
 estment Officer &ndash\; Operations\, Employees&rsquo\; Retirement Syste
 m<br /></span><span style="font-size: 11.0pt\;">Panelist:&nbsp\;&nbsp\;&
 nbsp\;&nbsp\; Michael Merrigan\, Founder\, Shadmoor Advisors</span></p>\
 n<p><u><span style="font-size: 11.0pt\;">DIVERSIFYING STRATEGIES:&nbsp\;
  BUILT TO PERFORM WHEN MARKETS DON&rsquo\;T<br /></span></u><u></u><span
  style="font-size: 11.0pt\;">Moderator: Andrew Chen\, Investment Officer
  &ndash\; Global Credit/Diversifying\, Employees&rsquo\; Retirement Syst
 em<br /></span><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbs
 p\;&nbsp\;&nbsp\;&nbsp\; Roman Mahi\, Investment Specialist &ndash\; Glo
 bal Credit/Diversifying\, Employees&rsquo\; Retirement System<br /></spa
 n><span style="font-size: 11.0pt\;">Panelists:&nbsp\;&nbsp\;&nbsp\; Neal
 e Jackson\, Portfolio Manager\, 36 South Advisors<br /></span><span styl
 e="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; 
 Faisal Javaid\, Head of External Alpha Investment Risk\, Solutions\, Man
  Group<br /></span><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp
 \;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;
 &nbsp\;&nbsp\;&nbsp\;&nbsp\; Lisa Martin\, Director of Business Developm
 ent\, Crabel Capital Management<br /></span><span style="font-size: 11.0
 pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Chris Santore\, Ex
 ecutive Vice President\, Quantitative Strategies\, PIMCO</span></p>\n<p>
 <u><span style="font-size: 11.0pt\;">HAWAII TARGETED INVESTMENTS<br /></
 span></u><u></u><span style="font-size: 11.0pt\;">Moderator: Andrew Betz
 \, Partner\, Stafford Capital Partners<br /></span><span style="font-siz
 e: 11.0pt\;">Panelists:&nbsp\;&nbsp\;&nbsp\; Dawn Harflinger\, Founder\,
  Hawaii Permanent Fund\, Opihi Capital<br /></span><span style="font-siz
 e: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Scott Trebi
 lco\, Senior Managing Director\, Blackstone &ndash\; Real Estate</span><
 /p>\n<p><u><span style="font-size: 11.0pt\;">PRIVATE MARKETS OUTLOOK<br 
 /></span></u><u></u><span style="font-size: 11.0pt\;">Moderator: Ian Wet
 zel\, Investment Officer &ndash\; Real Assets\, Employees&rsquo\; Retire
 ment System<br /></span><span style="font-size: 11.0pt\;">Panelists:&nbs
 p\;&nbsp\;&nbsp\; Ilene Levinson\, Managing Director\, Hamilton Lane<br 
 /></span><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\;&nbsp\; Sasha Talcott\, Managing Director\, KKR Client Soluti
 ons<br /></span><span style="font-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&
 nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\;&nbsp\;&nbsp\; Steve Turner\, Managing Director\, Morgan Stan
 ley Investment Management</span></p>\n<p><strong><em><span style="font-s
 ize: 11.0pt\;">Meeting will recess and reconvene at 8:10 a.m. on Friday\
 , October 9\, 2026\, in the Kuilima Ballrooms 1 and 2.</span></em></stro
 ng></p>\n<p>&nbsp\;</p>\n<p><strong><u><span style="font-size: 11.0pt\;"
 >FRIDAY\, OCTOBER 9\, 2026</span></u></strong><span style="font-size: 10
 .0pt\;">&nbsp\;</span></p>\n<p><strong><em><span style="font-size: 11.0p
 t\;">Meeting will reconvene at 8:10 a.m. in the Kuilima Ballrooms 1 and 
 2.</span></em></strong></p>\n<p><u><span style="font-size: 11.0pt\;">REC
 ONVENE</span></u></p>\n<p><u><span style="font-size: 11.0pt\;">QUORUM/CA
 LL TO ORDER<br /></span></u><span style="font-size: 11.0pt\;">Vincent Ba
 rfield\, Chair\, Employees&rsquo\; Retirement System Board of Trustees</
 span></p>\n<p><u><span style="font-size: 11.0pt\;">KEYNOTE ADDRESS:&nbsp
 \; EMPATHIC LEADERSHIP VALUE CREATION<br /></span></u><u></u><span style
 ="font-size: 11.0pt\;">Presenter:&nbsp\;&nbsp\; Amanda Lowrey\, Trustee\
 , Employees&rsquo\; Retirement System Board of Trustees<br /></span><spa
 n style="font-size: 11.0pt\;">Speaker:&nbsp\;&nbsp\;&nbsp\;&nbsp\; Amy L
 esch\, Partner\, Head of Global Product Strategy\, KKR Client Solutions<
 /span></p>\n<p><u><span style="font-size: 11.0pt\;">PUBLIC PENSION CIO P
 ANEL:&nbsp\; LESSONS LEARNED<br /></span></u><span style="font-size: 11.
 0pt\;">Moderator: Anthony Goo\, Interim Chief Investment Officer\, Emplo
 yees&rsquo\; Retirement System<br /></span><span style="font-size: 11.0p
 t\;">Panelists:&nbsp\;&nbsp\;&nbsp\; Jason Malinowski\, CIO\, Seattle Ci
 ty Employees&rsquo\; Retirement System<br /></span><span style="font-siz
 e: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nb
 sp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Steven Meie
 r\, Vice Chair of Neuberger Berman\; former CIO\, New York City Bureau o
 f Asset Management<br /></span><span style="font-size: 11.0pt\;">&nbsp\;
 &nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&n
 bsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Alison Romano\, CEO &amp\; CIO\
 , San Francisco Employees&rsquo\; Retirement System</span></p>\n<p><u><s
 pan style="font-size: 11.0pt\;">A CONVERSATION WITH THE TITANS OF PRIVAT
 E CREDIT<br /></span></u><span style="font-size: 11.0pt\;">Moderator: Da
 rlene Blakeney\, Trustee\, Employees&rsquo\; Retirement System Board of 
 Trustees<br /></span><span style="font-size: 11.0pt\;">Panelists:&nbsp\;
 &nbsp\;&nbsp\; Glen August\, CEO\, Oak Hill Advisors<br /></span><span s
 tyle="font-size: 11.0pt\;">&nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp\; &nbsp
 \; &nbsp\; &nbsp\; &nbsp\; Howard Marks\, Co-Chair\, Oaktree Capital Man
 agement</span><span style="font-size: 10.0pt\; mso-fareast-font-family: 
 Calibri\; mso-fareast-theme-font: minor-latin\;">&nbsp\;</span></p>\n<p>
 <u><span style="font-size: 11.0pt\;">CLOSING<br /></span></u><span style
 ="font-size: 11.0pt\;">Presenters: Vincent Barfield\, Chair\, Employees&
 rsquo\; Retirement System Board of Trustees<br /></span><span style="fon
 t-size: 11.0pt\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp
 \;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\;&nbsp\; Anthon
 y Goo\, Interim Chief Investment Officer\, Employees&rsquo\; Retirement 
 System</span></p>\n<p><u><span style="font-size: 11.0pt\;">NEW BUSINESS 
 (cont&rsquo\;d)</span></u></p>\n<p><span style="font-size: 11.0pt\;">2.<
 span style="font: 7.0pt 'Times New Roman'\;">&nbsp\;&nbsp\;&nbsp\;&nbsp\
 ;&nbsp\;&nbsp\; </span></span><span style="font-size: 11.0pt\;">Post-ERS
  Investment Education Summit Debrief Session.&nbsp\; Discuss Insights\, 
 Improvements\, and Future Events.<u></u></span></p>\n<p><u><span style="
 font-size: 11.5pt\;">ADJOURNMENT</span></u></p>\n<p style="padding-left:
  40px\;"><span style="font-size: 11.0pt\;">If you require auxiliary aid/
 service or other accommodation due to a disability\, please contact Dale
  Kehau Kanae at (808) 586-1706 or </span><a href="mailto:dale.kanae@hawa
 ii.gov"><span style="font-size: 11.0pt\;">dale.kanae@hawaii.gov</span></
 a><span style="font-size: 11.0pt\;"> as soon as possible\, preferably by
  Thursday\,<br />October 1\, 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.</span></p>\n<p style="padding-left: 40px\;"><spa
 n style="font-size: 11.0pt\;">Upon request\, this notice can be made ava
 ilable in large print.</span></p>
END:VEVENT
END:VCALENDAR
