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SUMMARY:Special Meeting of the Board of Trustees of the Employees' Retirement System of the State of Hawaii
DESCRIPTION:Council: Employees' Retirement System\n\nOfficial Notice: https://calendar.ehawaii.gov/calendar/meeting/77952/details.html\n\nNOTICE OF SPECIAL MEETING 
\nAGENCY:          Board of Trustees of the Employees’ Retirement System of the State of Hawaii
\nPLACE:             The Ritz-Carlton Oahu\, Turtle Bay\, 57-091 Kamehameha Highway\, Kahuku\, Hawaii  96731
\nDATES:             Tuesday\, October 6\, 2026\, 5:30 p.m. (Oahu Conference Room)\;                        Wednesday\, October 7\, 2026\, 8:00 a.m. (Oahu Conference Room)\;                        Thursday\, October 8\, 2026\, 8:00 a.m. (Kuilima Ballrooms 1 and 2)\;                        Friday\, October 9\, 2026\, 8:10 a.m. (Kuilima Ballrooms 1 and 2)
\nAGENDA
\nThe order in which items on the agenda are considered may change at the discretion of the Chair.Meeting will begin at 5:30 p.m. on Tuesday\, October 6\, 2026\, in the Oahu Conference Room. 
\nTUESDAY\, OCTOBER 6\, 2026
\nQUORUM/CALL TO ORDERVincent Barfield\, Chair\, Employees’ Retirement System Board of Trustees 
\nPUBLIC COMMENTMembers of the public may submit written testimony on these agenda items via e-mail or postal mail with receipt recommended by 4:30 p.m. on Monday\, October 5\, 2026\, in order to ensure it is distributed in time for consideration.  Please address written testimony if by e-mail to:  dale.kanae@hawaii.gov or by postal mail to:  Employees’ Retirement System of the State of Hawaii\, Board of Trustees\, 201 Merchant Street\, Suite 1400\, Honolulu\, HI  96813.  Members of the public may also attend the meeting and provide testimony in person.NEW BUSINESS1.       Pre-ERS Investment Education Summit Session. Review Agendas for October 7-9\, 2026.
\nMeeting will recess and reconvene at 8:00 a.m. on Wednesday\, October 7\, 2026\, in the Oahu Conference Room.
\n 
\nWEDNESDAY\, OCTOBER 7\, 2026 
\nMeeting will reconvene at 8:00 a.m. in the Oahu Conference Room.
\nRECONVENE
\nQUORUM/CALL TO ORDERVincent Barfield\, Chair\, Employees’ Retirement System Board of Trustees
\nEXECUTIVE SESSIONThe following matters will be considered in Executive Session\, pursuant to HRS §88-27.5(a)(1) and (3) and HRS §92-5(a)(4)\, as the Board anticipates conducting discussions and/or deliberations relating to\, or to make a decision upon\, investments or prospective investments by the system that require the consideration of information or records that are exempt from disclosure under HRS §92F\, including without limitation information and records that are proprietary information or confidential business information\, and deliberations concerning the authority of persons designated by the Board to negotiate investments or the sale of property held by or for the benefit of the system\; and to discuss and review Leadership Succession Plans of the ERS.  The Board may also consult with the Board’s attorneys on questions and issues pertaining to the Board’s powers\, duties\, privileges\, immunities\, and liabilities with respect to these matters.
\n1.       Total Fund Strategic Update.
\n2.       Asset Liability Study.
\n3.       Total Fund Liquidity and Risk Update.
\n4.       Operational Risk Introduction.
\n5.       Liquid Markets.
\na.       Diversifying Strategies Strategic Update.b.       Public Equity Update.
\n6.       Private Markets.
\na.       Global Credit Strategic Plan.b.       Real Assets Strategic Plan.c.       Private Equity Strategic Plan.d.       HiTIP Strategic Update.
\n7.       Approval of Global Credit Strategic Plan\, Real Assets Strategic Plan\, and Private Equity Strategic Plan.
\n8.       BlackRock Alpha Tilt Portfolio Strategy and Performance.
\n9.       Executive Session\, pursuant to HRS §92-5(a)(4)\, to Discuss and Review Leadership Succession Plans of the Employees’ Retirement System.
\nMeeting will recess and reconvene at 8:00 a.m. on Thursday\, October 8\, 2026\, in the Kuilima Ballrooms 1 and 2. 
\n 
\nTHURSDAY\, OCTOBER 8\, 2025
\n Meeting will reconvene at 8:00 a.m. in the Kuilima Ballrooms 1 and 2.
\nRECONVENE
\nQUORUM/CALL TO ORDERVincent Barfield\, Chair\, Employees’ Retirement System Board of Trustees
\nWELCOME ADDRESSVincent Barfield\, Chair\, Employees’ Retirement System Board of Trustees
\nSTATE OF THE EMPLOYEES’ RETIREMENT SYSTEMKalbert Young\, Executive Director\, Employees’ Retirement System
\nMASTERCLASS ON INVESTMENT LEADERSHIPModerator: Vincent Barfield\, Chair\, Employees’ Retirement System Board of TrusteesPanelist:     Rob Kaplan\, Vice Chairman\, Goldman Sachs
\nKEYNOTE:  U.S. PUBLIC POLICY & POLITICAL MARKET INSIGHTSPresenter:   Emmit Kane\, Trustee\, Employees’ Retirement System Board of TrusteesSpeaker:     Gene Sperling\, Consultant to PIMCO
\nMACROECONOMIC TRENDSModerator: Lynn Kamimoto\, Investment Officer - Risk\, Employees’ Retirement SystemPanelist:     Torsten Slok\, Partner and Chief Economist\, Apollo Global Management 
\nINVESTING IN ARTIFICIAL INTELLIGENCEModerator:  Aaron Au\, Investment Officer – Private Equity/Venture Capital\, Employees’ Retirement SystemPanelist:       Anita Sands\, Vice Chair & Head of Growth\, General Catalyst
\nTHE VALUE OF OPERATIONAL DUE DILIGENCEModerator: Jennifer Kimura\, Investment Officer – Operations\, Employees’ Retirement SystemPanelist:     Michael Merrigan\, Founder\, Shadmoor Advisors
\nDIVERSIFYING STRATEGIES:  BUILT TO PERFORM WHEN MARKETS DON’TModerator: Andrew Chen\, Investment Officer – Global Credit/Diversifying\, Employees’ Retirement System                  Roman Mahi\, Investment Specialist – Global Credit/Diversifying\, Employees’ Retirement SystemPanelists:    Neale Jackson\, Portfolio Manager\, 36 South Advisors                  Faisal Javaid\, Head of External Alpha Investment Risk\, Solutions\, Man Group                  Lisa Martin\, Director of Business Development\, Crabel Capital Management                  Chris Santore\, Executive Vice President\, Quantitative Strategies\, PIMCO
\nHAWAII TARGETED INVESTMENTSModerator: Andrew Betz\, Partner\, Stafford Capital PartnersPanelists:    Dawn Harflinger\, Founder\, Hawaii Permanent Fund\, Opihi Capital                  Scott Trebilco\, Senior Managing Director\, Blackstone – Real Estate
\nPRIVATE MARKETS OUTLOOKModerator: Ian Wetzel\, Investment Officer – Real Assets\, Employees’ Retirement SystemPanelists:    Ilene Levinson\, Managing Director\, Hamilton Lane                  Sasha Talcott\, Managing Director\, KKR Client Solutions                  Steve Turner\, Managing Director\, Morgan Stanley Investment Management
\nMeeting will recess and reconvene at 8:10 a.m. on Friday\, October 9\, 2026\, in the Kuilima Ballrooms 1 and 2.
\n 
\nFRIDAY\, OCTOBER 9\, 2026 
\nMeeting will reconvene at 8:10 a.m. in the Kuilima Ballrooms 1 and 2.
\nRECONVENE
\nQUORUM/CALL TO ORDERVincent Barfield\, Chair\, Employees’ Retirement System Board of Trustees
\nKEYNOTE ADDRESS:  EMPATHIC LEADERSHIP VALUE CREATIONPresenter:   Amanda Lowrey\, Trustee\, Employees’ Retirement System Board of TrusteesSpeaker:     Amy Lesch\, Partner\, Head of Global Product Strategy\, KKR Client Solutions
\nPUBLIC PENSION CIO PANEL:  LESSONS LEARNEDModerator: Anthony Goo\, Interim Chief Investment Officer\, Employees’ Retirement SystemPanelists:    Jason Malinowski\, CIO\, Seattle City Employees’ Retirement System                  Steven Meier\, Vice Chair of Neuberger Berman\; former CIO\, New York City Bureau of Asset Management                  Alison Romano\, CEO & CIO\, San Francisco Employees’ Retirement System
\nA CONVERSATION WITH THE TITANS OF PRIVATE CREDITModerator: Darlene Blakeney\, Trustee\, Employees’ Retirement System Board of TrusteesPanelists:    Glen August\, CEO\, Oak Hill Advisors                  Howard Marks\, Co-Chair\, Oaktree Capital Management 
\nCLOSINGPresenters: Vincent Barfield\, Chair\, Employees’ Retirement System Board of Trustees                  Anthony Goo\, Interim Chief Investment Officer\, Employees’ Retirement System
\nNEW BUSINESS (cont’d)
\n2.       Post-ERS Investment Education Summit Debrief Session.  Discuss Insights\, Improvements\, and Future Events.
\nADJOURNMENT
\nIf you require auxiliary aid/service or other accommodation due to a disability\, please contact Dale Kehau Kanae at (808) 586-1706 or dale.kanae@hawaii.gov as soon as possible\, preferably by Thursday\,October 1\, 2026\, and the ERS will try to obtain the auxiliary aid/service or accommodation\, but cannot guarantee that the request can be fulfilled.
\nUpon request\, this notice can be made available in large print.
LOCATION:The Ritz-Carlton Oahu\, Turtle Bay\, 57-091 Kamehameha Highway\, Kahuku\, Hawaii  96731
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