09/23/26 Joint Retirement Investment Board

The Town of Fairfield Connecticut Joint Retirement Investment Board held a meeting on September 23, 2026, primarily focused on reviewing and approving previous meeting minutes and discussing investment performance updates. The board received a detailed August performance report from BlackRock, highlighting positive equity returns driven by strong earnings growth and AI sector momentum, while noting challenges in fixed income due to rising interest rates. The board also discussed the status of a commitment to the 2026 Adam Street global fund, including the review and negotiation of subscription documents and side letters that secured a 30% reduction in management fees. The meeting included clarifications on fee structures and investment durations, emphasizing the value gained through BlackRock's aggregation of assets and fee negotiations. No new procurement contracts or capital projects were approved during this session.