FROM: Don Pierce, Chief Investment Officer
SUBJECT: Informational: Kreischer Miller 2025 Operational Due Diligence Program
RECOMMENDATION:
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2025 Operational Due Diligence Report by Kreischer Miller.
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BACKGROUND:
Kreischer Miller (KM) has provided investment compliance services through its Operational Due Diligence program for SBCERA since 2003. Each year, KM evaluates SBCERA fund managers, either in person or virtually, or both.
KM will review the overall objectives of the SBCERA operational due diligence program, the process and various touch points at each stage of the operational due diligence program, the core areas of focus, and will summarize the operational due diligence work conducted in 2025 on behalf of SBCERA. Attached as Exhibit A is a summary presentation by KM. KM’s confidential Executive Report is attached as Exhibit B.
This year, due to the European Credit manager search pre-hire timing, the 2025 report was split between the November 2025 Audit committee with the remainder of the managers reviewed at the April 2026 Audit committee meeting.
COMMITTEE REVIEW:
This item was reviewed by the Audit Committee at its April 16, 2026 meeting.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Don Pierce
ATTACHMENTS:
Exhibit A: KM Operational Due Diligence Program Presentation
Exhibit B: KM Executive Report (confidential)