0.0
International Equity 90,348,713 18.8 5.0 11.2 23.1 38.0 19.7 9.9 11.4
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ADJOURNMENT -
Santa Clara Valley Transportation Authority (VTA) Board of Directors
regional • 2026-04-07 • 11:30 AM
HistoricalLast updated: Apr 25, 2026, 12:11 PM
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Date
Tuesday, April 7
Time
11:30 AM
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Reconstructed agenda items • Rebuilt from agenda text because source-provided agenda items were unavailable.
0.18
Ten-Year 0.57 0.52 0.52 -- Common Period (12/2017) 0.35 0.27 0.29 0.36 1 Time Periods longer than a year are annualized.
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ADJOURNMENT -: Excess return measured against VTA Public Credit policy benchmark: 50% Bloomberg US Corporate Index / 25% Morningstar LSTA Leveraged Loan Index / 25% Bloomberg US High Yield 2% Issuer Capped Cash Pay Total Return Index. 16 Santa Clara Valley Tra...
0.2
Domestic Equity 138,163,132 28.8 -0.5 1.1 12.0 17.0 21.0 12.7 14.5
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0.4
UBS Trumbull, Bridge Debt Strategies Fund III, and Bridge Debt Strategies Fund V are reported on a quarter lag.
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ADJOURNMENT -: Performance returns are net of fees. Page 8 of 12 Cash Flow Summary Beginning Market Value ($) Contributions ($) Distributions ($) Net Investment Change ($) Net Cash Flow ($) Ending Market Value ($) iShares Total US Stock Market Index Fund 146,4...
0.5
Bridge Debt Strategies Fund V, L.P 4,179,250 0.9 0.0 0.0 -- -- -- -- --
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0.6
First American Treasury Obligations 1,977,770
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0.7
Feb-16 HFRI Fund of Funds Composite Index 1.1 3.0 10.6 12.8 9.1 5.3 6.3
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0.9
Cash 4,773,201
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1
Overview of Search Criteria and Scoring
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1.0
Santa Clara Valley Transportation Authority - Retirees' OPEB Trailing Net Performance | As of February 28, 2026 Performance returns are net of fees.
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ADJOURNMENT -: Fiscal Year End occurs June 30th. Public Credit was funded in February
1.06
Five-Year 0.09 0.02 0.02
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1.1
Corbin Private Credit Manager Fund, L.P. 9,727,568 2.0 0.0 0.0 1.9 4.6 5.7 8.2 --
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1.2
Upside/Downside Market Capture (%) Three-Year 100 / 82 109 / 102 110 / 90 108 / 69 Five-Year 103 / 87 102 / 92 103 / 94 104 / 81 Ten-Year 109 / 94 110 / 100 107 / 96 -- Common Period (12/2017) 107 / 93 104 / 99 106 / 97 104 / 87 Tracking
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ADJOURNMENT -: Error (%) Three-Year 0.75 1.28 1.35
1.37
Five-Year 1.13 1.57 1.38
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1.4
Dodge & Cox 77,596,730 16.2 1.9 2.3 6.2 7.4 6.5 1.9 3.7
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1.5
Over/Under 0.1 -0.1 -- -- -- -- --
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ADJOURNMENT -
1.54
Ten-Year 1.50 1.83 1.54 -- Common Period (12/2017) 1.55 1.88 1.68
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1.6
Ten-Year 1.2 0.9 0.9 -- Common Period (12/2017) 1.0 0.5 0.7
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1.8
Apr-21 ICE BofA 1-3 Years U.S.
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ADJOURNMENT -: Treasury Index 0.5 0.7 3.0 4.7 4.7 -- --
10
ANNOUNCEMENTS & COMMUNICATIONS – There are none.
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REGULAR AGENDA
10.0
Yes ¢ £ Real Estate 29,394,943 6.1 7.0 -0.9 4.0 -
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10.5
Over/Under 0.1 -0.1 -0.7 -0.6 0.3 -- -- 0.2 iShares Core MSCI Emerging Markets ETF 28,317,992 5.9 5.8 14.2 30.1 47.9 21.1 -- --
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10.6
Apr-21 MSCI World ex U.S.
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ADJOURNMENT -: IMI Index 4.9 10.1 22.2 37.7 19.7 -- --
11.0
Over/Under -0.2 -0.1 -2.0 -3.6 -0.6 -- -- -0.3 MSCI EAFE (Net) 4.6 10.1 20.9 34.6 18.8 -- --
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11.2
Domestic Fixed Income 91,955,178 19.2 1.6 2.0 5.6 6.9 6.2 1.8 3.6
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11.4
Apr-21 MSCI AC World IMI with USA Gross (Net) Index 1.6 4.9 16.8 25.4 20.5 -- --
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11.6
Jul-16 International Equity Index 5.1 11.4 25.0 41.1 20.3 10.3 12.5
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12.0
Yes ¢ £ Private Debt 52,335,626 10.9 15.0 -4.1 10.0 -
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12.2
Over/Under 0.0 0.0 0.0 0.0 0.0 -- --
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12.3
Apr-21 Russell 3000 Index -0.5 1.1 12.0 17.0 20.9 -- --
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14.1
Jan-17 Domestic Equity Benchmark -0.5 1.1 12.0 17.0 20.9 12.8 14.6
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14.2
Over/Under 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 -0.1 iShares Total US Stock Market Index Fund 138,163,132 28.8 -0.5 1.1 12.0 17.0 21.0 -- --
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15.0
Yes ¢ £ Real Asset 36,136,450 7.5 7.0 0.5 4.0 -
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1959
Aristotle acquire Pacific Asset management from Pacific Life in 2023 at which point the team rebranded to Aristotle Pacific Capital. → As of September 30, 2025, Aristotle Pacific Capital had approximately $30.7 billion in total firm AUM;
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ADJOURNMENT -: the Strategic Credit strategy had approximately $4.4 billion in strategy AUM which was incepted in January
1974
Second, geopolitical tensions intensified on February 28 with coordinated U.S. and Israel airstrikes on Iran.
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ADJOURNMENT -: The price of oil moved sharply higher as capital markets around the world responded. The impact of military action is highly dependent on the scope, duration, and ultimate disruption of energy and other meaningful inputs into the world’s economi...
2
Summary of RFP Respondents
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2.0
Over/Under 0.0 0.0 -0.1 -0.1 -0.1 -- -- -0.2 Page 5 of 12
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ADJOURNMENT -: Santa Clara Valley Transportation Authority - Retirees' OPEB Trailing Net Performance | As of February 28, 2026 Market Value ($) % of Portfolio 1 Mo (%) QTD (%) FYTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) Since Inception Inception Date Publi...
2.1
Public Credit 28,604,638 6.0 -- -- -- -- -- -- -- -- Mar-26 Public Credit Benchmark -- -- -- -- -- -- -- -- Private Debt 52,335,626 10.9 0.1 0.2 4.3 7.2 7.9 8.2 --
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2.18
Sharpe Ratio Three-Year 0.75 0.71 0.84
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2.3
Nov-25 Private Debt Benchmark -0.1 0.1 -- -- -- -- --
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20.0
Yes ¢ £ Absolute Return 8,378,035 1.7 0.0 1.7 0.0 -
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ADJOURNMENT -
2004
KKR operates through three primary business segments: Private Markets, Public Markets and Capital Markets.
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ADJOURNMENT -: KKR’s primary business lines are augmen ted by operational consultants, advisors, public affairs executives, capital raising executives and macro research professionals. → As of September 30, 2025, KKR's credit business had approximately $282 bi...
2008
The Corporate Credit Research group, led by Scott Crocombe, includes 17 analysts in North America and six in Europe.
Reconstructed
ADJOURNMENT -: George Khouri oversees trading with three team members. Additionally, there are four securitized credit professionals and four Asia Credit professionals. The broader HPS platform has 250+ investment professionals supporting private markets, rest...
2011
There are currently 29 Brigade employee partners.
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ADJOURNMENT -: Founder Donald Morgan is the firm’s largest shareholder. → As of September 30, 2025, Brigade had approximately $27.7 billion in total firm AUM; the Opportunistic Credit strategy had approximately $4.4 billion in strategy AUM. The strategy is off...
2012
Team → The Strategic Credit Investment team is led by portfolio managers Brian Robertson, Michael Marzouk and David Weismiller.
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ADJOURNMENT -: Mr. Robertson focuses on high yield bonds, Mr. Marzouk focuses on Bank Loans and CLO and Mr. Weismiller focuses on Investment Grade. The portfolio management team averages over 22 years of experience and the credit analyst group averages over 19...
2013
Mr. DeBonis recently transitioned to portfolio manager for High Income but has been a CLO portfolio manager at Bain for 8+ years.
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ADJOURNMENT -: Investment Philosophy → Bain believes that the credit asset class exhibits an asymmetric potential return profile with limited upside in most markets and a downside of zero. Like many asset classes, sentiment moves to extremes. They believe that...
2015
Team → The investment team is led by Steve Tananbaum, who has 38 years of investment experience and 24 years at the firm.
Reconstructed
ADJOURNMENT -: Senior portfolio managers oversee investments in structured credit, high yield, bank loans, and CLOs. Other high level decision makers are high yield and bank loan portfolio manager, Lee Kruter, and structured credit portfolio manager, Joe Nagga...
2017
As of September 30, 2025, ICG had approximately $124 billion in total firm AUM; the Global Total Credit strategy had approximately $3.0 billion in strategy AUM ($958 million in the GTC Fund).
Reconstructed
ADJOURNMENT -: Team → The investment team responsible for the proposed strategy is ICG’s Credit Fund Management team (CFM). CFM is responsible for over $17 billion in assets under management senior secured loans, high yield bonds, and structured credit. → The...
2024
As part of the transaction, BlackRock’s existing p rivate credit, collateralized loan obligation, and GP/LP solutions businesses were integrated into HPS.
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ADJOURNMENT -: The HPS senior leadership team has taken full managerial responsibility for the combined credit enterprise. → As of September 30, 2025, HPS had approximately $171 billion in total firm AUM; the Institutional Credit Fund had approximately $6.6 bi...
2025
She commented that the Trust had $464.5 million in assets and that the asset allocation was in compliance with the investment policy statement.
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REGULAR AGENDA: Mr. Sancewich reviewed the overall performance and commented that returns were strong both on an absolute basis and risk adjusted basis having review several pages outlining analytics based charting. She commented that the Trust returned 14.3%...
Public comment item
AI-assisted comment drafting for this agenda item will be available soon.
2026
David Sancewich from Meketa Investment Group provided the update on preliminary performance in the Trust ended January 31,
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REGULAR AGENDA
24.0
Yes ¢ £ Public Credit 28,604,638 6.0 6.0 0.0 0.0 -
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ADJOURNMENT -
3
PUBLIC PRESENTATIONS: This portion of the agenda is reserved for persons desiring to address the Committee on any matter not on the agenda.
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ORDERS OF THE DAY: Speakers are limited to 2 minutes. All statements that require a response will be referred to staff for reply in writing. CONSENT AGENDA
3.4
Cash 4,773,201
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3.5
Jan-17 Blmbg.
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ADJOURNMENT -: U.S. Aggregate Index 1.6 1.7 5.0 6.3 5.1 0.4 2.1
3.6
Bloomberg US Corporate Investment Grade Index - 7.8 6.1 -0.1 3.3 1 Inception date noted is the inception date of the product/composite provided by managers through eVestment.
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ADJOURNMENT -: The inception date of the products may be different. 2 2009 inception represents the broader Opportunistic Credit Strategy; the High Income Mutual Fund incepted May 2023. 4 Santa Clara Valley Transportation Authority Multi-Asset Credit Manager S...
3.9
May-16 HFRI Fund of Funds Composite Index 1.1 3.0 10.6 12.8 9.1 5.3 6.3
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4
APPROVE – Meeting minutes of March 3, 2026 .
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ORDERS OF THE DAY: REGULAR AGENDA
4.49
Change -0.63 -0.64 -0.66 -0.61 -0.61 -0.59 -0.52 -0.42 -0.27 0.02
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ADJOURNMENT -: 0.12 MEKETA.COM Performance Update Santa Clara Valley Transportation Authority- Retirees’ OPEB As of February 28, 2026 ITEM 5 Policy Current 1.0% 1.0% 7.0% 6.1% 7.0% 7.5% 0.0% 1.7% 15.0% 10.9% 6.0% 6.0% 19.0% 19.2% 45.0% 47.6% Allocation vs. Tar...
4.7
Oct-21 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 -- --
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5
RECEIVE – Preliminary Performance Report ending February 28 , 2026 .
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ORDERS OF THE DAY: (Meketa)
5.0
Yes ¢ £ Total OPEB 480,089,918 100.0 100.0 0.0 ¢ £ Santa Clara Valley Transportation Authority - Retirees' OPEB Asset Allocation Compliance | As of February 28, 2026 1 - The Global Equity policy target is 40% with a range of 35-45%. The
Reconstructed
ADJOURNMENT -: Investment Policy Statement allows for a transition period of unfunded commitments to Private Equity and as a result the policy target and range in Global Equity has been increased by the Private Equity amount. The Policy Index reflects Global E...
5.4
Over/Under -5.1 -9.6 -26.8 -36.1 3.6 -8.3 -7.6 -4.6 CVI Credit Value Fund A V LP is lagged monthly and adjusted for cash flows each month.
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ADJOURNMENT -: Corbin Private Credit Manager Fund, 50 South Private Credit Fund, PIMCO Private Income Fund, and Corbin Private Credit II are valued quarterly, reported on a quarter lag, and adjusted for cash flows intra-quarter. Skybridge is lagged monthly. Pa...
5.5
Real Asset 36,136,450 7.5 7.6 13.9 21.7 27.3 11.5 8.5 8.0
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5.9
Loomis Sayles Credit Asset 03/16/2009 7.4 7.1 2.7 5.2 50% Bloomberg US Corp IG / 25% Bloomberg US Corp HY 2% Cap / 25% Morningstar LSTA Lev Loan Index - 7.5 7.9 2.7
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6
DISCUSS – Public Credit investment manager search.
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ORDERS OF THE DAY: (Meketa)
6.2
Oaktree Global Credit 02/01/2017 8.0 10.5 6.1 - OHA Diversified Credit Strategies 08/13/2012 7.2 10.4 6.3
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6.3
Brigade High Income Fund 03/01/2009 2 7.4 11.3 6.9
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ADJOURNMENT -
6.5
Feb-18 Diversified Real Asset Strategic Index 6.6 13.9 21.6 27.9 12.8 9.3 8.4
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ADJOURNMENT -
6.6
Over/Under 0.6 1.4 4.6 4.6 -0.7 -- -- 0.6 50 South Private Credit Fund, LP 10,154,370 2.1 0.0 0.0 2.3 4.1 9.8 -- --
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6.7
HPS Institutional Credit Strategy 06/01/2007 6.6 10.3 6.2
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6.8
Absolute Return 8,378,035 1.7 -4.0 -3.3 -1.5 -3.5 10.6 2.9 3.4
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7
RECEIVE – The 2026 Capital Market Expectations (Meketa) David Sancewich provided an update on the latest capital market assumptions that Meketa Investment Group calculates.
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REGULAR AGENDA: Mr. Sancewich reviewed that the OPEB Trust has a actuarial assumed rate of 6.25% and that over the next 10 and 20 years the Trust’s asset allocation is expected to outperform that level. Mr. Malchenko noted that the new asset allocation approve...
Public comment item
AI-assisted comment drafting for this agenda item will be available soon.
7.0
Real Estate 29,394,943 6.1 0.0 0.0 2.4 4.7 -2.1 2.5 1.2
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7.1
Jan-20 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 6.6 --
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7.2
Jun-21 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 -- --
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ADJOURNMENT -
7.5
May-22 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 -- --
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7.6
KKR Opportunistic Credit Strategy 05/01/2008 6.7 10.2 5.9
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ADJOURNMENT -
7.8
Nov-19 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 6.6 --
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ADJOURNMENT -
7.9
Nov-19 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 6.6 --
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ADJOURNMENT -
8
APPROVE – Public Credit Benchmark Recommendation (Malchenko/Meketa) Michael Malchenko provided background and comments supported by the materials within the committee’s materials noting two memos by reference.
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REGULAR AGENDA: Mr. Malchenko noted that the action item was to change the Public Credit benchmark from the S&P UBS Leverage Loan Index to the Morningstar LSTA U.S. Leverage Loan Index. Mr. Malchenko provided the reasons for the change and historical character...
Public comment item
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8.0
Yes ¢ £ Cash 4,773,201 1.0 1.0 0.0 0.0 -
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8.3
Over/Under 0.1 -0.1 0.8 1.3 -1.9 -- -- -0.8 Absolute Return 8,378,035 1.7 -4.0 -3.3 -1.5 -3.5 10.6 2.9 3.4
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8.6
Jan-17 Policy Index 1.5 3.7 11.2 16.3 12.9 7.7 9.2
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ADJOURNMENT -
9
APPOINTMENT – Elect Chair and Vice Chair of OPEB.
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REGULAR AGENDA: Chair Michael Smith was nominated and accepted. Vice Chair Grace Ragni was nominated and accepted.
Public comment item
AI-assisted comment drafting for this agenda item will be available soon.
9.0
Global Equity 228,511,845 47.6 1.6 4.8 16.1 24.7 20.7 -- --
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ADJOURNMENT -
IC
The US Leveraged Credit IC approves or removes credits for their approved credit list.
Reconstructed
ADJOURNMENT -: The Portfolio Management Committee (PMC) has direct oversight and monitoring of process and approval of key limits and allocations. → Sponsor due diligence is an important component of the investment process, particularly for sponsored credits w...
M
Bass, a Texas-based investor.
Reconstructed
ADJOURNMENT -: OHA is a credit specialist focused on high yield bonds, leveraged loans, private lending, distressed investments and structured products. On October 28, 2021, Baltimore-based T. Rowe Price Group (NASDAQ: TROW) agreed to acquire 100% of OHA. Oak...
2004.s
KMAC’s investment strategy is a diversified credit strategy that can invest primarily across bank loans, high yield bonds, structured credit, asset backed securities and convertible bonds in the US and Europe.
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ADJOURNMENT -: The investment objective of KMAC is to generate consistent income across a diversified pool of assets with additional upside via capital appreciation. Investment Process → The team works closely with the Global Macro and Asset Allocation (GMAA)...