FROM: Don Pierce, Chief Investment Officer
SUBJECT: Calendar Year (CY) 2022 Investment Manager Due Diligence Schedule and Exception List
RECOMMENDATION:
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Approve the CY 2022 Investment Manager Due Diligence Schedule and Exception List.
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BACKGROUND:
Staff has prepared a proposed CY 2022 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 2022 is attached as Exhibit A. The anticipated mode of conducting each visit is listed along with other details for each proposed meeting. However, should health directives substantially change in CY 2022, staff will review whether on-site visits remain appropriate and comply with Board policy.
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 2021; Exhibit C is a look-ahead to anticipated due diligence in CY 2023.
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its November 16, 2021 meeting and recommends Board approval, with a 3-0 vote. Trustees Bracco, Newcomer and Fiorino were absent from the meeting. Trustee Stafford voted as the alternate committee member.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Eydie Cox
ATTACHMENTS:
Exhibit A: Proposed CY 2022 Due Diligence Schedule & Existing List of Exceptions
Exhibit B: CY 2021 Completed Due Diligence Items
Exhibit C: CY 2023 Tentative Look-ahead Schedule