August 2, 2024 Board Meeting

The FPIF Board of Trustees convened on August 2, 2024. The meeting  included a review of the portfolio’s Fiscal Year 2024 performance, adoption of the Fiscal Year 2025 budget, approval of proposed rulemakings, and investment decisions related to the private markets portfolio.

Fiscal Year 2024 Investment Performance

FPIF’s general investment consultant, Marquette Associates, presented the fund’s investment performance for Fiscal Year 2024. The portfolio generated a 13.0% return, continuing the strong performance trend following the previous year’s 9.7% return.

Fiscal Year 2025 Budget

The Board approved the Fiscal Year 2025 budget, which allocates $4,298,390 for Total Operating Expenses, a 4.3% increase from the $4,122,005 approved for FY2024. Projected Investment Management Fees for FY2025 are estimated at $9.6 million, based on a $9 billion investment portfolio and anticipated new allocations. This represents an  increase from the $3,000,000 budgeted for FY2024, primarily driven by expanded allocations to active managers and private markets. Combined, Total Operating Expenses and Projected Investment Management Fees equate to an expense ratio of 15.4 basis points.


Rule Making Update

The Board adopted proposed amendments to the Cash Management Rule and the Cost Allocation Rule. The approved amendments are available on FPIF website’s Pending Rules page (link).

Private Markets Portfolio

The Board approved the selection of the IFM Global Infrastructure Fund and the KKR Diversified Core Fund as Open-end Core Infrastructure funds. FPIF maintains a 4% target allocation to Infrastructure, and these funds will receive a portion of this allocation. Additionally, the Board selected CBRE U.S. Core Partners as an Open-end Core Real Estate fund. FPIF maintains 10% target allocation to Real Estate, a portion of which will be allocated to this fund.

Next Meeting of the Board of Trustees

The next meeting of the FPIF Board of Trustees is scheduled for October 11, 2024 at 9:00 am.