2012 Board Meeting Resolutions

PSERB Resolution 2012-01 
Re:  Private Markets and Real Estate In-House Co-Investment and Secondary Program 
January 19, 2012   

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million, in Private Markets and Real Estate In-House Co-Investment and Secondary Program, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated January 19, 2012.

PSERB Resolution 2012-02 
Re:  Denham Commodity Partners Fund VI, L.P. 
January 19, 2012   

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Denham Commodity Partners Fund VI, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated January 19, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-05
Signing of Contracts, Instruments, and Other Documents  
January 19, 2012   

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) authorize any two or more of the persons occupying the following positions, namely, the Executive Director, Deputy Executive Director; Assistant Executive Director; Chief Financial Officer; Chief Investment Officer; Deputy Chief Investment Officer; and Director of Investment Accounting to execute and deliver any and all contracts, instruments, or documents that require written signatures in the name of the Public School Employees' Retirement System (the “System”) or the Board, and to endorse, assign, or guarantee all such contracts, instruments, or documents in the name of the System or the Board.

RESOLVED FURTHER, that (i) in the case of investment contracts, the Chief Investment Officer, Deputy Chief Investment Officer or Director of Investment Accounting must be one of the two signatories, and the Executive Director, Deputy Executive Director, Assistant Executive Director or Chief Financial Officer must be one of the two signatories, except in exigent circumstances when the only authorized signatories who are available hold Investment Office positions; and (ii) in the case of all other contracts, the Executive Director, Deputy Executive Director, Assistant Executive Director or Chief Financial Officer must be one of the two signatories, except in exigent circumstances when none of the designated individuals is available. 

PSERB Resolution 2012-06 
Re:  U.S. and Non-U.S. Proxy Voting Policies 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed U.S. and Non-U.S. Proxy Voting Policies pursuant to the recommendation of Lenann T. Engler, Senior Investment Analyst, dated February 23, 2012.  

PSERB Resolution 2012-07 
Re:  Harvest Fund Advisors, LLC 
March 9, 2012   

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby graduates Harvest Fund Advisors, LLC from the Public Market Emerging Investment Manager Program to the Main Fund.  

PSERB Resolution 2012-08 
Re:  Investment Objectives and Guidelines 
March 9, 2012                

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to Exhibits B, C, and D of the Investment Policy Statement, Objectives, and Guidelines, and the proposed Investment Objectives and Guidelines Addendum listed below for the Public School Employees’ Retirement System pursuant to the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, and Wilshire Associates, in their respective presentations dated March 8, 2012, as well as the revised policy regarding Placement Agents, as approved by the Board’s Finance Committee at its March 8, 2012 meeting (attached hereto).

PSERB Resolution 2012-09 
Re:  Apollo European Principal Finance Fund II, L.P. 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $200 million plus reasonable normal investment expenses, in Apollo European Principal Finance Fund II, L.P., in accordance with the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated March 8, 2012, and Portfolio Advisors, dated February 16, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-10 
Re:  Carlyle Energy Mezzanine Opportunities Fund, L.P. 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $200 million plus reasonable normal investment expenses, in Carlyle Energy Mezzanine Opportunities Fund, L.P., in accordance with the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated March 8, 2012, and Portfolio Advisors, dated February 16, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-11 
Re:  Cerberus Institutional Partners V, L.P. 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $200 million plus reasonable normal investment expenses, in Cerberus Institutional Partners V, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 8, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-12 
Re:  Partners Group Secondary 2011, L.P. 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $100 million plus reasonable normal investment expenses, in Partners Group Secondary 2011, L.P., in accordance with the recommendation of Darren C. Foreman, Portfolio Manager, Private Markets, dated March 8, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.  

PSERB Resolution 2012-13 
Re:  Tenaya Capital VI, L.P. 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $50 million plus reasonable normal investment expenses, in Tenaya Capital VI, L.P., in accordance with the recommendation of Luke Jacobs, Senior Investment Analyst, Private Markets, dated March 8, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-14 
Re:  AG Core Plus Realty Fund III, L.P. 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $75 million plus reasonable normal investment expenses, in AG Core Plus Realty Fund III, L.P., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, dated March 8, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.    

PSERB Resolution 2012-15 
Re:  Exeter Industrial Value Fund II, L.P. 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $75 million plus reasonable normal investment expenses, in Exeter Industrial Value Fund II, L.P., in accordance with the recommendation of Laurann H. Stepp, Portfolio Manager, Real Estate, dated March 8, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.    

PSERB Resolution 2012-16 
Re:  Bell Institutional Fund IV, LLC 
March 9, 2012               

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $75 million plus reasonable normal investment expenses, in Bell Institutional Fund IV, LLC, in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated March 8, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-17 
Re:  Black River Inflation Opportunity Fund of One 
April 27, 2012   

RESOLVED, that pursuant to the recommendations of Mark E. Heppenstall, Managing Director, Fixed Income, April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of up to $75 million in the Black River Inflation Opportunity Fund of One, and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version is online), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner. 

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-18 
Re:  Brevan Howard CMBS Fund Limited 
April 27, 2012   

RESOLVED, that pursuant to the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated April 11, 2012, and Aksia, LLC, dated April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $200 million in the Brevan Howard CMBS Fund Limited, and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/investment/guide/guide.htm ), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-19 
Re:  Aeolus Property Catastrophe Fund I, LP 
April 27, 2012   

RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager of External Public Markets, Risk & Compliance, dated April 12, 2012, and Aksia, LLC, dated April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $100 million in the Aeolus Property Catastrophe Fund I, LP (the mid-year fund series), (ii) that the Board invest an initial amount of $100 million in the Aeolus Property Catastrophe Fund I, LP (the January fund series), and (iii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version is online), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-20 
Re:  BlueTrend Fund Limited 
April 27, 2012  

RESOLVED, that pursuant to the recommendations of Robert E. Little, Portfolio Manager of External Public Markets, Risk & Compliance, dated April 12, 2012, and Aksia, LLC, dated April 11, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $250 million in the BlueTrend Fund Limited, and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version is online), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.  

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-21 
Re:  Sankaty Credit Opportunities V-D, L.P. 
April 27, 2012     

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests an amount not to exceed $350 million plus reasonable normal investment expenses, in Sankaty Credit Opportunities V-D, L.P., in accordance with the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, dated April 26, 2012, and Portfolio Advisors, dated April 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-22 
Re:  Trilantic Capital Partners V (North America), L.P. 
April 27, 2012       

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $100 million plus reasonable normal investment expenses, in Trilantic Capital Partners V (North America), L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated April 26, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-23
Re:  KBL Partnership, L.P.
June 15, 2012

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) invests up to $150,000 in KBL Partnership, L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 15, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-24
Re:  AQR GRP EL 20 Offshore Fund LTD.
June 22, 2012

RESOLVED, that pursuant to the recommendations of James H. Grossman, Jr., Deputy Chief Investment Officer, Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, dated June 6, 2012, the Public School Employees’ Retirement Board (the “Board”) hereby (i) invests an initial amount of $500 million in the AQR GRP EL 20 Offshore Fund LTD., of which $200 million will be funded by a reduction in AQR’s Offshore Multi-Strategy Fund, Ltd., and (ii) the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/invest/guide/index.htm), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-25
Re:  Radcliffe Capital Management, L.P.
June 22, 2012

RESOLVED, pursuant to the recommendations of Mark E. Heppenstall, Managing Director, Fixed Income, Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, dated June 6, 2012, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) retains Radcliffe Capital Management, L.P. to manage an initial amount of $200 million in their Ultra-Short High Yield strategy and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/invest/guide/index.htm), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-26
Re:  Atlantic Trust Private Wealth Management
June 22, 2012

RESOLVED, pursuant to the recommendations of Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, both dated June 5, 2012, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) retains Atlantic Trust Private Wealth Management to manage an initial amount of $250 million in their Master Limited Partnership strategy and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/invest/guide/index.htm), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-27
Re:  Salient Capital Advisors, LLC
June 22, 2012

RESOLVED, pursuant to the recommendations of Joseph W. Sheva, Senior Investment Professional, and Wilshire Associates, both dated June 5, 2012, that the Public School Employees’ Retirement Board (the “Board”) hereby (i) retains Salient Capital Advisors, LLC to manage an initial amount of $250 million in their Master Limited Partnership strategy and (ii) that the Investment Office shall have the discretion to invest additional sums within the target ranges approved by the Board in Exhibit D of the Investment Policy Statement, Objectives and Guidelines, as amended from time to time (the current version of which can be found at http://www.psers.state.pa.us/invest/guide/index.htm), provided that any investment of an additional sum by the Investment Office shall be reported to the Board in a timely manner.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-28
Re:  Investment Objectives and Guidelines
June 22, 2012

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to the Investment Policy Statement, Objectives, and Guidelines (specifically Exhibits B, C and D) and the proposed Investment Objectives and Guidelines Addenda listed below for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Senior Investment Professional, dated June 6, 2012.

Addendum            Addendum Title

B      U.S. Master Limited Partnership Portfolios

I        U.S. Core Plus Fixed Income Portfolios

K      U.S. High Yield Fixed Income Portfolios

K1    Non-Agency Residential Mortgage Backed Securities Portfolios

L       Internally-Managed Treasury Inflation Protection Securities Portfolios

Q      Global Core Plus Fixed Income Portfolios

Y      Internally-Managed Short-Term Investment Pool

Y1    LIBOR-Plus Short-Term Investment Pools

Y2    Short Duration Non-Agency RMBS Portfolios

Y3    Ultra-Short High Yield Portfolios

         Internally-Managed Premium Assistance Program Portfolio

PSERB Resolution 2012-29
Re:  Blue Point Capital Partners III (B), L.P.
June 22, 2012

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby invests $50 million plus reasonable normal investment expenses, in Blue Point Capital Partners III (B), L.P., in accordance with the recommendation of Charles J. Spiller, Managing Director, Private Markets and Real Estate, dated June 21, 2012.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

The final terms and conditions of the contract must be satisfactory to the Health Care Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing contract or by a memo to that effect appended to the implementing contract. [

PSERB Resolution 2012-34
Re: HOP Medical Plan Benefits and Rates
Effective January 1, 2013
June 22, 2012

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of the HOP Medical Plan effective January 1, 2013:

HOP MEDICAL PLAN

PSERB Resolution 2012-35
Re: HOP Pre-65 Medical Plan Benefits and Rates
Effective January 1, 2013
June 22, 2012

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the premium rates of the HOP Pre-65 Medical Plan effective January 1, 2013:

PSERB Resolution 2012-36
Re: Basic Medicare Rx Option Benefits and Rates
Effective January 1, 2013
June 22, 2012

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following benefit modifications to the Basic Medicare Rx Option effective 
January 1, 2013:

And Further RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following premium rates of the Basic Medicare Rx Option effective 
January 1, 2013:

PSERB Resolution 2012-37
Re: Enhanced Medicare Rx Option Benefits and Rates
Effective January 1, 2013
June 22, 2012

RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby approves the following premium rates of the Enhanced Medicare Rx Option effective 
January 1, 2013:

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Office of Executive Director, as evidenced either by the appropriate signatures on the implementing investment contract or by a memo to that effect appended to the implementing investment contract.

PSERB Resolution 2012-57 
Re:  Investment Objectives and Guidelines 
December 6, 2012  

 RESOLVED, that the Public School Employees’ Retirement Board (the “Board”) hereby adopts the proposed changes to the Investment Policy Statement, Objectives, and Guidelines (specifically Exhibit C) and the proposed Investment Objectives and Guidelines Addenda listed below for the Public School Employees’ Retirement System pursuant to the recommendation of Joseph W. Sheva, Portfolio Manager, dated November 19, 2012.

Addendum         Addendum Title

G                  Internally Managed Optimal Beta Portfolio

PSERB Resolution 2012-58
Re:  Sciens Aviation Special Opportunities Investment Fund II, LP
December 6, 2012