Firefighters' Pension & Relief Fund of the City of New Orleans public meetings in 2021

Firefighters' Pension & Relief Fund — Investment Board

The Firefighters' Pension & Relief Fund Investment Board will meet to review its portfolio. The board will also consider the approval of the July 2021 meeting minutes.

• Portfolio review
• Approval of July 2021 minutes

Firefighters' Pension & Relief Fund — Investment Board

The Investment Board reviewed fund performance for the third quarter of 2021, noting a year-to-date return of 15.54%. The Board discussed the ongoing phase-out of legacy alternative holdings and efforts to liquidate assets such as Whalehaven and Fire Game.

• Total fund return of 15.54% year to date
• Third quarter total fund return of 4.91%
• Liquidation of the $5,000,000 remaining alternatives portfolio
• Fire Game property in Biloxi, MS appraised at $300,000
• Approval of April and July 2021 meeting minutes

The Board approved the minutes from the April and July 2021 meetings. Members reviewed third-quarter 2021 fund performance and the status of legacy alternative investments, including several funds currently in liquidation.

• Approved April and July 2021 investment Board meeting minutes (No objections)

Firefighters' Pension & Relief Fund — Investment Board

The Investment Board reviewed fund performance for the first half of 2021, reporting a total fund return of 5.67% year to date and 3.76% in the second quarter. Trustees discussed legacy holdings including private equity and real estate investments that are being phased out or liquidated, with several funds nearing final distributions. No new business was voted on; the board deferred approval of April 2021 minutes to the next meeting.

• Total fund return of 5.67% year to date, 3.76% in second quarter 2021
• Legacy alternatives portfolio valued at $5,000,000, mostly in real estate, being liquidated
• Fire Game investment in Biloxi, MS property appraised at $300,000; casino project failed
• Whalehaven hedge fund/private equity investment in liquidation since 2011; recovery deemed unlikely
• Greensprings, Murphree Venture Partners, and Wilton Private Equity nearing final distributions

The Board reviewed fund performance for the first half of 2021, noting a year-to-date total return of 5.67%. Members discussed the phase-out of legacy alternative investments and the status of various funds in liquidation. No formal votes were recorded for investment actions.

• Deferred approval of April 2021 minutes to the next meeting
• Adjourned meeting (Passed)

Firefighters' Pension & Relief Fund — Investment Board

The Investment Board will meet via Zoom to review the fund's portfolio. The meeting includes a roll call and the review of April 2021 minutes.

• Review and acceptance of April 2021 minutes
• Portfolio review

Firefighters' Pension & Relief Fund — Investment Board

The Investment Board will review the current portfolio and discuss a search for small cap investments. The meeting also includes the approval of February 2021 minutes.

• Review of investment portfolio
• Small cap search discussion
• Approval of February 2021 minutes

The Board approved a $5 million investment from Vanguard to be split between Jackson Square Partners and Clarkson Partners. Members also reviewed first quarter 2021 fund performance and the status of legacy alternative investments.

• Approved $5 million investment from Vanguard split between Jackson Square Partners and Clarkson Partners
• Approved February 2021 Investment Board minutes

Firefighters' Pension & Relief Fund — Investment Board

The scheduled meeting of the Firefighters' Pension & Relief Fund Investment Board did not take place. The agenda included items for portfolio review and a small cap search, but these were not addressed due to the cancellation.

• Meeting cancellation

Firefighters' Pension & Relief Fund — Investment Board

The Investment Board will review the fund's portfolio and consider approving the minutes from the August 2020 meeting. There were no Investment Board meetings held between September 2020 and January 2021.

• Approval of August 2020 Investment Board minutes
• Portfolio review

Firefighters' Pension & Relief Fund — Investment Board

The Investment Board reviewed 2020 portfolio returns, including domestic equity gains of 22.05% and international gains of 25.27%. Members discussed the liquidation of several venture capital funds and the potential write-down of the Whalehaven asset. The board also received updates on real estate and entertainment investments.

• Approval of August 2020 Investment Board minutes
• Proposal to write down the Whalehaven asset due to unlikely recovery
• Report of $8,189,000 in real estate holdings within the alternatives portfolio
• Update on Fire Game property in Biloxi, MS, appraised at $300,000
• Discussion on hiring a small cap manager for active cash management

The Board approved the minutes from the August 2020 meeting. Members reviewed 2020 fund performance and discussed the potential write-down of the Whalehaven asset and the liquidation of several venture capital funds.

• Approved August 2020 Investment Board minutes (No objections)