07/22/26 Joint Retirement Investment Board - Special Meeting

The Town of Fairfield Connecticut's Joint Retirement Investment Board held a special meeting on July 22, 2026, primarily focused on reviewing the pension and OPED fund performance and discussing private equity investment strategies. BlackRock provided a fiscal year performance update highlighting strong returns, particularly in equities and fixed income, with the pension portfolio up 8.2% for the quarter and OPED nearly 10.5%. The board discussed private equity allocations, including a recommendation to commit $6 million to Adam Street, a private equity fund of funds manager, to diversify the portfolio alongside existing Harborvest investments. Detailed due diligence on Adam Street's investment approach, fee structure, and alignment with the board's objectives was presented by BlackRock representatives. The board voted unanimously to proceed with BlackRock's recommendation for the private equity commitment, with flexibility on timing to accommodate paperwork. The meeting emphasized transparency on fees and ongoing monitoring of private equity investments, with BlackRock managing capital calls and distributions.