The Investment Committee assists the Board in fulfilling its responsibilities in respect to managing of Gavi’s investments in a manner consistent with Gavi’s operating needs and overall programme goals; asset preservation and growth within Gavi’s investment portfolio; prudent maximisation of risk-adjusted returns on investment consistent with objectives stated in the Investment Policy

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10 September 2019

IC Mtg Minutes 10 September 2019

Inv -201 9-Mtg -03 1




G avi Alliance Investment Committee Meeting
10 September 201 9
Blac kRock Office, New York City


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced a t 08 .30 New
York City time on 10 September 201 9. Stephen Zinser , Investment Committee
Chair, chaired the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 7 Ma y 201 9 meeting were tabled to the Committee for
information (Doc 01b) . The minutes had been circulated and approved by no -
objection on 12 June 2019 .

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

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2. Manager presentation

2.1 The Chair introduced the asset manager and noted that the presentation , at this
stage, is for informational purpose s only (Doc 02) .

2.2 Hector Negroni, Founder, and Timothy Romer, Chief Executive Officer, presen ted
the manager and the fund, the team, target deals, target returns, the market
opportunities, and outlined their experience and approach to infrastructure debt
markets in the US .

Discussion

? In response to a question from a Committee member in relation to how they source
the ir deals , the manger noted that it is primarily through their wide network and
connection s with broker -dealers . The Committee asked various questions about
working with mun icipalities, liquidity, social infrastructure and specifically the
fund?s approach to socially responsible investing , source s of financing , investment
team composition and experience , deal sourcing and competition .

? The Committee further discussed the firm and fund and the Chair reminded the
Committee that an allocation of up to 10% of private debt in the long -term portfolio
was approved in principle but that well less than 10% had been invested to date.


Minutes

7 May 2019

IC Mtg Minutes 7 May 2019

Inv -201 9-Mtg -02 1



G avi Alliance Investment Committee Meeting
7 May 201 9
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced a t 14.00 Geneva
time on 7 May 201 9. Stephen Zinser , Investment Committee Chair, chaired the
meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 8 February 201 9 meeting were tabled to the Committee and
duly approved (Doc 01b).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

1.5 The Chair welcomed Afsaneh Beschloss as an observer, who had recently agreed
to join the Board of the Gavi Alliance from 1 January 2020 and would also be
formally joining the Investment Committee from that date with a view in due course
to succeeding the current Committee Chair when his term on the Gavi Alliance
Board ends on 30 June 2020.

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2. Manager presentation

2.1 The Chair reminded the Committee that an allocation of up to 10% of illiquid private
debt in the long -term portfolio was app roved in principle but had only been invested
to a modest degree. A fund manager of private debt in the lower middle market
space presented their strategy to the Committee.

2.2 Ms Jeanne Shen, C hief Investment Officer , presented the asset manager and
highlighted that Gavi used this manager as an investor of public debt securities in
the past. The purpose of the presentation was to highlight the potential
opportunities in the asset class and to educate the Committee, with the
understanding that a full due diligence had not yet been completed.

2.3 Senior representatives of the firm ?s strategy presen ted the fund, the team, sample
deals , target returns, the market opportunities, and outlined their experience and
approach to private lending (Annex A, Doc 02) .





Minutes

8 February 2019

IC Mtg Minutes 8 February 2019

Inv -201 9-Mtg -01 1



G avi Alliance Investment Committee Meeting
8 February 201 9
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 8 February 201 9. Stephen Zinser , Investment Committee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a in the
Committee pack ).

1.3 The minutes of the 8 Nov ember 201 8 meeting were tabled to the Committee and
duly approved (Doc 01b).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan
(Doc 01d).

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2. Investment Portfolio Review (including SRI)

2.1 Jeanne Shen, Chief Investment Officer, updated the Committee on the four th
quarter (4Q) 2018 performance of the investment portfolio, manager activities and
related transactions (Doc 02).

2.2 Ms Shen outlin ed the volatile financial market s during 4Q, pointing to geopolit ical
uncertainty , Sino -US trade tensions, concern about US rates ris ing too quickly and
falling oil prices.

2.3 In relation to the long -term portfolio, Ms Shen noted the negative return in 4Q. She
highlight ed that the greatest negative impact on an absolute basis was seen in
Equitie s although the Multi -Exposure asset class was a primary detractor on a
relative basis . It was further noted that several Fixed I ncome fund s also delivered
returns which were negative for Q4 while the index benchmark was positive .

2.4 Ms Shen explain ed that c ash was the only asset class with a n overall positive
return in 2018 and that Gavi had US $ 175 m illion of cash not yet invested at the
end of 2018 . It was however highlighted that , despite a challenging past year for
the long -term portfolio , the individual asset classes still beat their benchmark s over
long er periods .

2.5 With regards to manager performance , Ms Shen highlighted a disappointing
performance in 2018 for a Directional Long -Only Fixed Income manager for which
Gavi had already reduced the portfolio . In the Multi -Exposure asset class,


Minutes

8 November 2018

IC Mtg Minutes 8 November 2018

Inv -2018 -Mtg -04 1



G avi Alliance Investment Committee Meeting
8 November 2018
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 8 November 2018 . Stephen Zinser , Investment Committee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a ).

1.3 The minutes of the 11 September 201 8 meeting were tabled to the Committee and
duly approved (Doc 01b in the Committee pack).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan (Doc
01d). In relation to the action sheet, the Chair confirmed that the Secretariat had
indeed pursued opportunities with the private investment firm which presented to
the Committee in May 2018. It was also noted that the Secretariat will provide
updates on the ot her open actions in this meeting.


Decision One

The Gavi Alliance Investment Committee:

Approve d the minutes of its meeting on 11 September 2018 .

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2. Manager Presentation

2.1 The Chair reminded the Committee that an allocation of up to 10% of private debt
in the long -term portfolio was recently approved in principle but of which
approximately 3% had been committed. He re -iterated that it was crucial to find
the right manager for this specialised bucket. In that context, a fund manager from
a US based distressed asset specialist presented highlights of their firm and
strategy to the Committee as a potential for further investment in this area.

2.2 The culture of the company and the ir approach to distressed asset management
was outlined , highlight ing the focus on complex, high -conviction assets (Annex A,
Doc 02) .






Minutes

Investment Committee membership

Representation

Committee member

Position

Term Ending

Independent individual

Stephen Zinser (Chair)

Board member

30 June 2021

Independent individual

William Roedy

Board member

31 July 2021

Independent individual

David Sidwell

Board member

31 December 2021

Independent individual

Margaret (Peggy) Hamburg

Board member

31 December 2021

Independent individual

Afsaneh Beschloss

Board member

31 December 2021

Independent individual

Yibing Wu

Board member

31 December 2021

Last updated: 14 Aug 2020

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