FROM: Don Pierce, Chief Investment Officer
SUBJECT: Calendar Year (CY) 2025 Investment Manager Due Diligence Schedule and Exception List
RECOMMENDATION:
title
Approve the CY 2025 Investment Manager Due Diligence Schedule and Exception List.
body
BACKGROUND:
Staff has prepared a proposed CY 2025 Investment Manager Due Diligence Schedule in accordance with SBCERA’s Due Diligence Policy (the Policy). The Policy requires on-site or remote investment due diligence for all managers at least once every three (3) years:
The preliminary due diligence schedule for CY 2025 is attached as Exhibit A. Staff is anticipating twelve (12) due diligence meetings to be conducted in-person. As five (5) of those meetings involve London, UK-based managers, a due diligence trip to that location is being planned for the week of April 14th. It should also be noted that the investment due diligence meeting for Adams Street Partners, is being pulled forward from CY2026 to consolidate with the William Blair meeting for a combined trip to Chicago, IL. More information regarding the total number of expected trips and related details will be forthcoming.
Exhibit A also includes a list of existing exceptions for investment due diligence visits. No new exceptions are being requested at this time. For reference, Exhibit B includes a list of the due diligence meetings which have been completed in CY 2024; Exhibit C is a look-ahead to anticipated due diligence in CY 2026.
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its November 21, 2024 meeting and recommends Board approval with a 4-0 vote.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Eydie Cox
ATTACHMENTS:
Exhibit A: Proposed CY 2025 Due Diligence Schedule & Existing List of Exceptions
Exhibit B: CY 2024 Completed Due Diligence Items
Exhibit C: CY 2026 Tentative Look-ahead Schedule