AUGUST 25, 2023 Board of Trustees Meeting Highlights

The FPIF Board of Trustees met on August 25, 2023. Highlights of the board meeting included a presentation on FPIF performance relative to Article 4 pension fund benchmarks and an educational presentation on private markets. 

FPIF Performance Relative to Article 4 Pension Fund Benchmarks

The board received a presentation on FPIF investment performance relative to benchmarks for Article 4 pension funds, and benchmarks for more aggressive and less aggressive portfolios.

As of June 30, 2023, FPIF’s invested assets have outperformed every benchmark since the Fund’s inception. The Fund’s investment strategy has outperformed its Policy Benchmark, the legacy Article 4 pension fund benchmarks, as well as more and less aggressive benchmarks. FPIF has demonstrated value for all stakeholders, particularly its constituent pension funds.

A memorandum outlining FPIF performance relative to Article 4 pension fund benchmarks can be found at the bottom of the Investment Reports page under the Investments heading on the website (link).

Private Markets Presentation 

The board received a presentation from its private markets consultant regarding private market pacing and the following asset classes: private equity, private credit, real estate, and infrastructure. FPIF currently has a long term allocation that includes a total of 31% of the Fund’s assets invested in private market asset classes. FPIF has target allocations of 10% to private equity, 7% to private debt, 10% to real estate, and 4% to infrastructure. 

The board will hear additional presentations on private market investments at its meeting on October 20, 2023.

Next Meeting of the Board of Trustees

The next meeting of the FPIF Board of Trustees is scheduled for October 20, 2023 at 10:00 am.