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).

------

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

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.

------

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

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).

------

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

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 .

------

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

Inv -2018 -Mtg -03 1



G avi Alliance Investment Committee Meeting
11 September 2018
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.07 Geneva
time on 11 September 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 15 Ma y 201 8 meeting were tabled to the Committee for
information (Doc 01b in the Committee pack). The minutes had been circulated
and approved by no -obje ction o n 4 July 2018 .

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

------

2. Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer, update d the Committee on the
performance of the investment portfolio through July 2018 , as well as manager
activities and associated transactions since the previous Investment Committee
meeting (Doc 2) .

2.2 In the market review, Ms Shen noted continuing volatility in the second quarter .
She highlighted the strengthening of the US dollar , Federal Rese rve rate hikes and
the expectations for the European Central Bank to reduce security purchases , and
the impact these policies have had on financial market s.

2.3 It was noted that a modestly positive overall investment gain of US$ 5.2 million
thus far in 2018 was due to higher return s from interest on cash rather than the
returns from the long -term portfolio. She not ed that in terms of relative
performance whilst the YTD return on the Gavi portfolio is below the reference
index , recent changes are expected to yield relative improvement by the end of
2018 . It was noted that all longer term measures of performance relative to the
reference index continue to show solid results.

2.4 Referring to the long -term portfolio , Ms Shen stated that April -June performance
was negative whilst July performance was solid. She explained that equities
(particularly non -US assets) and multi -exposure were the main detractors over this
period .



Minutes

Inv -2018 -Mtg -02 1



G avi Alliance Investment Committee Meeting
15 Ma y 2018
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.10 Geneva
time on 15 Ma y 2018 . Stephen Zinser , Investment Committ ee Chair, chaired the
meeting.

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

1.3 The minutes of the 9 February 201 8 meeting were tabled to the Committee for
information (Doc 01b in the Committee pack). The minutes had been circulated
and approved by no -obje ction on 10 April 2018 .

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

------

2. Investment policy and asset allocation statement review

2.1 Jeanne Shen, Chief Investment Officer, outlined proposed updates to both the
Investment Policy and Asset Allocation Statement to the Committee (Doc 2) . She
noted that this had arisen from a discussion at the previous Investment Committee
meeting regarding a proposal to invest in private debt.

2.2 She noted it was determined that the existing Investment Policy permitted
investments in private debt mandate s but the opportunity was used to make some
minor amendments to the policy in consultation with NEPC . Ms Shen reported that
these amendments would not result in any changes to the investment objectives,
management structure, or portfolio compositio n. In addition, the long -term portfolio
performance objectives would not change . She stated that no changes were
required with respect to overall portfolio liquidity, but some minor clarifications of
wording were undertaken.

2.3 Referring to the Asset Allocation Statement, Ms Shen outline d to the Committee
the proposed insertion of a procedure to account for breaches in single manager
concentration limits amongst other minor wording amendments.




Minutes

Inv -2018 -Mtg -01 1



G avi Alliance Investment Committee Meeting
9 February 2018
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 9 February 2018 . Stephen Zinser , Investment Committ ee Chair, chaired
the meeting.

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

1.3 The minutes of the 9 November 2017 meeting were tabled to the Committee for
information (Doc 01b in the Committee pack). The minutes had been circulated
and approved by no -objection on 19 December 2017.

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

------

2. Asset allocation review and outlook

2.1 Sebastian Grzejka , NEPC , presented to the Committee its independent annual
assessment of Gavi?s long -term inve stments portfolio (Doc 02 ), including a review
of Gavi?s asset allocation in the context of the request from the Board to the
Investment Committee during its November 2017 meeting to consider whether or
not there is a need for Gavi to maintain its current levels of liquidity in vir tually the
entirety of its long term p ortfolio.

2.2 Mr Grzejka highlighted that the relative value of developed market equities outside
the US has improved . NEPC recommends reducing exposure to assets that have
outperformed expectations over a prolonged period such as US equity and high
yield debt , and also to increase exposure to strategies that are likely to outperform
in periods of market volatility, such as TIPs (Tre asury Inflation Protected) .

2.3 Mr Grzejka indicated that in their view there are currently more opportunities in the
European, Asian and emerging equity markets relative to the US . Referring to the
market volatility during the days immediately preceding this meet ing, he stated that
in their view the market sell -off is principally due to concerns for increased inflation,
but may also p rovide a buying opportunity from a rebound perspective. He shared
the view that the current volatility is not expected to be part of a massive pull back
but that it will be important to have exposure s that manage volatility in the long
term , particularly at this point in the market and economic cycles .



Minutes

Inv -2017 -Mtg -04 1


G avi Alliance Investment Committee Meeting
9 November 201 7
Teleconference

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 9 November 201 7. Stephen Zinser , Investment Committ ee Chair, chaired
the meeting.

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

1.3 The Committee approved the minutes from 3 August, noted its Action sheet
(Doc 01c) and the forward work plan (Doc 01d).

------

2. Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer, updated the Committee on the
performance of the investment portfolio, manager activities, and related
transactions. She provided an overview of the major exposures in the short -term
and long -term portfolios, contribution to mission, fixed income allocation, key
characteristics of each portfolio exposure , asset allocation ranges and
performance of the total portfolio , as well as individual managers (Doc 0 2).

2.2 Ms Shen provided a comparison of the Gavi long -term portfolio returns plotted
against major indices , and observed that the composition of the Gavi portfolio
should allow it to continue delivering return s as well as risk and volatility
characteristics between that of the relevant global equity and global fixed income
indices .

2.3 She pointed out that Gavi?s equity allocation had outperformed the benchmark on
a year -to -date (YTD) basis . Noting the YTD performance of the fixed incom e
allocation, which was slightly below the benchmark, she informed the Committee
that lack of non USD currency relative to the benchmark when the US Dollar
weakened and relative shorter duration were contribut ing factor s leading to this
slight underperformance.

2.4 Ms Shen reviewed the performance of the largest funds and the fund managers in
the long -term portfolio, noting specifically the managers wit h the best YTD
performance, and also informing the Committee about those whose performance
was lower than expected and whom the Investments team would be monitoring
closely in the next period.

2.5 She then re viewed the short -term portfolio that was US $ 1. 1 billion as of 30
September 2017. She explained that since donor proceeds were invested
exclusively in this portfolio , it is a plain vanilla portfolio with high quality and low


Minutes

Inv -2017 -Mtg -03 1



G avi Alliance Investment Committee Meeting
3 August 201 7
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.05 Geneva
time on 3 August 201 7. Stephen Zinser , Investment Committ ee Chair, chaired the
meeting.

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

1.3 The Committee reviewed the minutes of its meeting on 2 May 2017 (Doc 01b ),
which were approved by no -objection on 12 June 201 7.

1.4 The Committee noted its Action sheet (Doc 01c) and suggested that any input on
the forward work plan (Doc 01d) should be provided through email .

------

2. Manager presentation

2.1 The representatives of trend following investment management firm delivered an
informational report on the ir firm ?s history, its senior management team, the
investment strategy, portfolio implementation and the opportunity set generally for
trend following strategies (Doc 02).

2.2 The Committee sought information from the representatives , including
performance, breadth and depth of various market exposures , the diversification
of returns, and how the fund differentiat es itself from its competitors . At the
presentation?s conclusion, the representatives left the meeting and the Committee
discussed the presentation.

------

3. Investment portfolio review

3.1 Jeanne Shen, Chief Investment Officer, reported to the Committee on the
investment portfolio, including strategy review, an overview of the major exposures
in the short - and long -term portfolios, contribution to mission, fixed income
allocation, key characteristics of each portfolio exposure, asset allocation ranges
and performance of the total portfolio , as well as individual managers (Doc 03 ).

3.2 While reviewing the quarter, Ms Shen noted that the portfolio benefited from strong
performance in emerging markets, both in equity and debt markets .



Minutes

Inv -201 7-Mtg -02 1



G avi Alliance Investment Committee Meeting
2 Ma y 201 7
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.03 Geneva
time on 2 Ma y 201 7. Stephen Zinser , Investment Committ ee Chair, chaired the
meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ). The Chair declared his personal and financial interest in
Roxbury Asset Management. He noted that while his ma jority ownership and role
as CEO and co -CIO in the entity posed no conflict to his role at Gavi, he was
making the declaration in the interest of completeness and consistency with the
declarations made by other Committee members.

1.3 The Committee reviewed the minutes of its meeting on 10 February 201 7 (Doc
1b ), which were approved by no -objection on 24 March 201 7.

1.4 The C hair suggested that any input on the Committee?s forward workplan (Doc 1 d)
should be provided through email .

------

2. Manager presentation

2.1 The Chief Investment Officer and the Director of Business Development delivered
an informational report on their fund?s strategy and opportunity profile (Doc 02).

2.2 The Committee sought information from the representatives , including
performance, performance measurement, financial modelling techniques and
implementation, staff technical expert ise, and its competitors . At the presentation?s
conclusion, the representatives left the meeting and the Committee discussed the
presentation.

------

3. Investment portfolio review

3.1 The Chair congratulated the Investments team on the 3.5% year -to -date return of
the long term portfol io for the first quarter of 2017.

3.2 Jeanne Shen, Chief Investment Officer, reported to the Committee on the
investment portfolio, including market and strategy reviews, an overview of the
major exposures in the short - and long -term portfolios, contribution to mission,


Minutes

Inv -2017 -Mtg -01 1




G avi Alliance Investment Committee Meeting
10 February 201 7
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 10 February 201 7. Stephen Zinser , Investment Committ ee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ).

1.3 The Committee reviewed the minutes of its meeting on 1 November 201 6 (Doc
1b ), which were approved by no -objection on 9 Dec ember 2016 . It also reviewed
its action sheet (01c).

1.4 The Committee noted the new version of its forward workplan (Doc 01d).

1.5 Finally, the new Board -approved Investment Committee Charter (Doc 01e) was
included in the pack for information.

------

2. Manager presentation ? Napier Park

2.1 Mr Michael Micko and Ms Nadja Marcoz from Napier Park delivered an
informational report on the firm and a credit strategy (Doc 02).

2.2 The Committee asked questions including the manager?s assessment for 2017
given the ongoing uncertainty due to multiple factors. At the report?s conclusion,
the Napier Park representatives left the meeting and the Committee discussed the
presentation. It was agreed that the Chairman and the Chief Investment Officer
would discuss further outside the investment committee meeting.

------

3. Investment portfolio review

3.1 The Chair congratula ted the Investments team on the portfolio performance for
calendar year 2016 . This was endorsed by Dr Seth Berkley, Gavi Alliance CEO,
when he joined the meeting .



Minutes

Inv -2016 -Mtg -04 1




G avi Alliance Investment Committee Meeting
1 November 201 6
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 13.35 Geneva
time on 1 November 201 6. Stephen Zinser , Investment Committ ee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ).

1.3 The Committee reviewed the minutes of its meeting on 2 August 201 6 (Doc 1b ),
which were approved by no -objection on 15 September 2016 .

1.4 The Committee noted its forward workplan (Doc 1 c).

------

2 Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer, report ed to the Committee on the
investment portfolio including market and strategy re view s, an overview of the
m ajor exposures in the portfolio , contribution to mission, fixed income allocation,
key characteristics of each portfolio exposure , asset allocation ranges and
performance of the total portfolio as well as individual managers (Doc 02) .

2.2 Ms Shen noted that among the risks to consider within the portfolio, one risk which
has not been thought about much in recent year s is inflation. Ms Shen said that
based on project ions obtained from Bloomberg, inflation is projected to rise
between 2016 and 2018 . Increasing inflation , coupled with lower expected returns,
has to be considered as it would erod e the real value of the portfolio. The
Investments team will be watching it closely, as well as observing the actions of
central banks.

2.3 Ms Shen provided an overview of the returns for major sectors and outlined that
the equity index has been generally posi tive, with some pockets of negative
returns. Ms Shen noted that the fixed income index shows good returns for th ird
quarter and year -to -date . More recently October fixed income returns have been
negative as a result of a selloff in long government bo nds which has accelerated
further in November.




Minutes

Inv -2016 -Mtg -03 1




G avi Alliance Investment Committee Meeting
2 August 201 6
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.30 Geneva
time on 2 August 201 6. Stephen Zinser , Investment Committ ee Chair, chaired the
meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ).

1.3 The Committee reviewed the minutes of its meeting on 4 May 201 6 (Doc 1b ),
which were approved by no -objection on 5 July 2016 .

1.4 The Committee noted its forward workplan (Doc 1 c). The Chair invited the
Committee members to provide their comments, if any, by email to Philip
Armstrong, Director of Governance.

------

2 Investment portfolio review and SRI policy recommendation

2.1 Jeanne Shen, Chief Investment Officer, highlighted that the presentation was
divided into two main topics: (i) the investment portfolio review (ii) and the Socially
Responsible Investment (SRI) policy (Doc 2) .

Investment portfolio review

2.2 Ms Shen report ed to the Committee on the investment portfolio including market
and strategy re view s, an overview of the m ajor exposures in the portfolio ,
contribution to mission, fixed income and equity allocation s, key characteristics of
each portfolio exposure , asset allocation ranges, and performance of the total
portfolio as well as individual managers .

2.3 She noted that the United Ki ngdom referendum commonly known as ?Brexit? had
impacted some of the managers as few had foreseen the United Kingdom voting
in favour of leaving the European Union. Also, the British Pound ?s depreciation in
value was exceptional , and noted that uncertainty as it relates t o Europe, remains
high .





Minutes

Inv -2016 -Mtg -02 1




G avi Alliance Investment Committee Meeting
4 May 201 6
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 4 May 201 6. Stephen Zinser , Investment Committ ee Chair, chaired the
meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ).

1.3 The Committee reviewed the minutes of its meeting on 12 February 201 6 (Doc
1b ), which were approved by no -objection on 11 April 2016 .

1.4 The Committee noted its forward workplan (Doc 1 c).

------

2 Investment portfolio and SRI reviews

2.1 Jeanne Shen, Chief Investment Officer, highlighted that the presentation was
divided into two main topics: the investment portfolio review , and the Socially
Responsible Investment (SRI) screening results and alternative options for
implement ing Environmental, Social a nd Governance (ESG) engagement . She
noted NEPC consultants were also present should Committee members wish to
address their question s directly to them .

Investment portfolio review

2.2 Ms Shen report ed to the Committee on the investment portfolio including market
and strategy re view s, an overview of the m ajor exposures in the portfolio ,
contribution to mission, fixed income allocation, key characteristics of each
portfolio exposure , and performance of t he total portfolio as well as individual
managers (Doc 2).

2.3 A question was raised with regard to a fund of hedge funds manager in the long -
term portfolio to be redeemed in 2016 and its performance. Ms Shen highlighte d
that the manager?s recent performance suffered challenges and the decision to
redeem was a strategic one . Investment Committee members were inform ed that
a US large cap growth equity manager had experienced recent underperformance
that was not on a formal watch list , though it will be followed up closely.



Minutes

Inv -2016 -Mtg -01 1




G avi Alliance Investment Committee Meeting
12 February 201 6
Teleconference



1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 12 February 201 6. Stephen Zinser , Investment Committ ee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee p ack ).

1.3 The Committee reviewed the minutes of its meeting on 4 November 201 5 (Doc
1b ), which were approved by no -objection on 7 January 2016 .

1.4 The Committee reviewed its action sheet (Doc 1c), and noted its forward workplan
(Doc 1d).

------

2 Investment portfolio and policy reviews

2.1 Jeanne Shen , Chief Investment Officer, introduced this item explaining she would
report on the i nvestment portfolio and then the NEPC consultants would present
to the Committee the proposed portfolio asset allocation . Finally, Ms Shen would
review the Asset Allocation Statement and the Investment Policy for the
Committee?s approval .

2.2 Ms Shen report ed to the Committee on the investment portfolio including a market
and strategy re view , an overview of the m ajo r exposures in the portfolio ,
contribution to mission, global equity, fixed income allocation, key characteristics
of each portfolio exposure , and total performance including analysis of individual
managers and managers on watch (Doc 2).

2.3 Investment Committee members asked among other things about the short and
long term portfolios , the forecast of cash needs, and manager performance against
the benchmark. Ms Shen highlighted that multi -exposure assets performance had
no benchmark, which will be addr essed in the revised Invest ment P olicy. She also
informed the Committee that the largest manager in the long -term portfolio will be
rede emed throughout the year and another manager with a large allocation in the
portfolio will be considerably reduced, whic h will be discussed further in the NEPC
presentation . The Chair commented that overall , several managers with negative


Minutes

Inv -2015 -Mtg -04 1



G avi Alliance Investment Committee Meeting
4 November 201 5
Teleconference



1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 16 .05 Geneva
time on 4 November 201 5. Stephen Zinser , Investment Committ ee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ). The Committee reviewed the minutes of its meeting on 26
August 201 5 (Doc 1b ), which were approved by no -objection on 5 October . It also
reviewed its action sheet (Doc 1c), and its forward workplan (Doc 1d).

------

2. NEPC presentation

2.1 Jeanne Shen , Chief Investment Officer, introduce d the new investment
consultants, Christopher Klapinsky , Sebastian Grzejka and Dulari Pancholi from
NEPC , who conducted an asset allocation review of the Gavi portfolio and
delivered a high -level report on proposed tact ical asset classes f or the
Committee?s guidance (Doc 2). The Committee asked among other things about
the forecast on the short and long term portfolios , currency exposure from non -US
assets and liquidity needs . The Chair proposed to update the Board on the current
stage of the market cycle and what it means for investment return s. The
Committee members agreed that a pre -Board meeting session for Board and
Alternate members could be organised to provide addition al details on the current
portfolio and the Committee?s preferred option to optimise it.

2.2 At the report?s conclusion, the NEPC representatives left the meeting and the
Committee further discussed the presentation . After consideration, the Committee
agreed Option 1 was preferred . The Chair asked Jeanne Shen to provide light
edits to Option 1 and then present it again to the Committee. Ms Shen noted that
there would be additional work into the related policies following the adjustments
from Option 1.

2.3 The C ommittee also asked Ms Shen to w ork with the Finance team to establish
additional drawdown scenarios over the next five years to ensure appropriate
liquidity terms in case a drawdown were necessary .

------



Minutes

Inv -2015 -Mtg -03 1




G avi Alliance Investment Committee Meeting
26 August 201 5
Teleconference



1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 16 .00
Geneva time on 26 August 201 5. Stephen Zinser , Investment Committee Chair,
chaired the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee p ack ). The Committee reviewed the minutes of its meeting on 29 May
201 5 (Doc 1b ), its action sheet (Doc 1c), and its forward workplan (Doc 1d).

Decision One

The G avi Alliance Investment Committee:

? Approved the minutes of its meeting on 29 May 2015.

------

2. Consulting review

2.1 Jeanne Shen, Chief Investment Officer, updated the Committee on the steps
being taken to identify and retain an investment consultant . During the 29 May
meeting, the Committee considered the Secretariat?s recommendation for an
investment consultant, concurred with the Secretariat?s assessment, and
requested Ms Shen to take the steps necessary to implement the
recommendation. However, a number of circumstances had since changed
which caused the Secretariat to pause implementation and to seek further advice
from the Committee.

2.2 The Committee evaluated Ms Shen?s current situational analysis (Doc 2), and
heard new presentations from two of the consultancy candidates (Docs 3 -4). The
Committee considered various elements including consultancy personnel and
compensation arrangements, the consultancies? reflections on the market?s
recent volatility, asset allocation approaches, services included with the
proposals, thoughts on Gavi?s po rtfolio and governance, return expectations, and
reputation in the marketplace. The Committee also received Ms Shen?s
recommendation as to which consultancy to retain .



Minutes

Inv-2015-Mtg-02 1



Gavi Alliance Investment Committee Meeting
29 May 2015
Teleconference


1. Chair?s report
1.1 Finding a quorum of members present, the meetin g commenced at 16.00
Geneva time on 29 May 2015. Stephen Zinser, Investm ent Committee Chair,
chaired the meeting.
1.2 Standing declarations of interest were tabled t o the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 18
February 2015 (Doc 1b), which were approved by no-o bjection on 28 March. It
also reviewed its action sheet (Doc 1c), and its fo rward workplan (Doc 1d).

1.3 The Committee confirmed that the revised Social ly Responsible Investment
(SRI) Policy sent to the Committee on 29 April 2015 was in good form and that
the Secretariat had implemented it.
------

2. Manager presentation - PIMCO
2.1 Greg Sharenow and Gillian Rutherford from PIMCO delivered an informational
report on one of its funds, including its track rec ord and risk management
practices (Doc 2). At the report?s conclusion, the PIMCO representatives left the
meeting and the Committee discussed the presentatio n.
------

3. Investment portfolio review
3.1 Jeanne Shen, Chief Investment Officer, delivere d a report to the Committee on
the investment portfolio including a market overvie w of the major exposures in
the portfolio, total performance, key characteristi cs of each portfolio exposure, a
review of portfolio developments including a recent consolidation of investment
strategies, and the results of the semi-annual SRI screening (Doc 3).

3.2 The Committee discussed a potential new investm ent. The Committee had
previously met the senior portfolio managers of the fund and, subsequently, the
Secretariat investments team performed additional d ue diligence. The
Secretariat made a recommendation on the sum of the investment and disclosed
the amount that investment would represent within t hat manager?s assets. The


Minutes

Inv -2014 -Mtg -04 1




G avi Alliance Investment Committee Meeting
18 February 201 5
Teleconference



1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 16 .00
Geneva time on 18 February 201 5. Stephen Zinser , Investment Committee
Chair, chaired the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ). Ross Leach announced he will be leaving D FID and that the
person taking on his role would likely be forwarded to the Governance
Committee for consideration to join the Investment Committee.

1.3 The Committee reviewed the minutes of its meeting on 12 Nov ember 2014 (Doc
1b ). It also review ed its action sheet (Doc 1c) , and its forward workplan (Doc 1d).

Decision One

The G avi Alliance Investment Committee:

? Approved the minutes of its meeting on 1 2 Novem ber 2014 .

------

2. Manager presentation - Latigo

2.1 David Ford and David Sabath from Latigo Partners delivered an informational
report on its strategy and opportunity profile (Doc 2). At the report?s conclusion,
the Latigo representatives left the meeting and the Committee discussed the
presentation.

------

3. Investment portfolio review

3.1 Jeanne Shen, Chief Investment Officer , delivered a report to the Committee on
the investment portfolio including a market overview of the major exposures in
the portfolio, total performance, and key characteristics of each portfolio
exposure (Doc 3).



Minutes

Inv -2014 -Mtg -04 1



G avi Alliance Investment Committee Meeting
12 Nov ember 2014
Teleconference



1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.30 New
York time on 12 Nov ember 201 4. George W. Wellde, Jr, Investment Committee
Chair, chaired the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ); there were no additional conflicts declared . The Co mmittee
reviewed the minutes of its meeting on 12 September 2014 (Doc 1b) , which were
approved on 2 1 October 2014. It also noted its action sheet (Doc 1c) , and its
forward workplan (Doc 1d).

------

2. Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer , delivered a report to the Committee on
the portfolio including a market overview of the major exposures in the portfolio,
total performance, key characteristics of each portfolio exposure, and updates on
the socially responsible investm ent (SRI) screening and the review process of
investment consultant proposals (Doc 2).

2.2 It was asked how often the asset allocation is evaluated. Ms Shen noted that the
Committee and Secretariat together reviews the overall asset allocation during
the first quarter of each year accounting for market conditions, Gavi?s financial
forecast, and potential redemptions from the portfolio. It was noted that the
current asset ranges were set during 2013. It was f urther noted that the ranges
were constructed bearing in mind that Gavi has a shorter investment horizon
than comparator organisations and so takes on comparatively less volatility.

2.3 Ms Shen presented an indicative 2015 financial forecast, noting the poten tial to
redeem part of the long -term portfolio. However, the forecast presented was
conservative and could change due to unexpected donor grants or a particularly
good replenishment outcome in 2015. In any event, redemptions made from the
long -term portfol io would likely not be replenished.

2.4 It was confirmed that sovereign donor money had not historically been put into
the long -term portfolio . Ross Leach and Ms Shen agreed t o explore scenarios .



Minutes

Inv -2014 -Mtg -03 1



G avi Alliance Investment Committee Meeting
12 September 2014
Teleconference



1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.30 New
York time on 12 September 201 4. George W. Wellde, Jr, Investment Committee
Chair, chaired the meeting.

1.2 The Committee welcomed Ross Leach as a Committee delegate representing
the UK, Canada, and Ireland. The Committee also welcomed Amy Chen, Chief
Investment Officer of the Smithsonian Institution as an Advis er to the Committee .

1.3 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ); there were no additional conflicts declared . The Committee
reviewed the minutes of its meeting on 24 April 2014 (Doc 1b) , which were
approved on 25 June 2014. It also noted its action sheet (Doc 1c) , and its
forward workplan (Doc 1d).

------

2. Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance through 31 July 2014 (Doc 2). She provided a
general market overview, reviewed the portfolio?s asset allocation and overall risk
profile, and gave specific updates on performance and risk within each of the
asset allocations.

2.2 Ms Shen reminded the Committee that it had asked her to review the choice of
tactical exposure benchmark. She reported that the Secretariat had conducted
this review and was recommending a new benchmark. The Committee
discussed the maturity profile of the revised tactical exposure benchmark and
was comfortable with it.

2.3 Ms Shen referenced correspondence during August 2014 with th e Committee in
which she had consulted on a new manager to mitigate concentration risk in an
existing manager. It was noted that having received positive signals from
Committee members, she had on 12 August informed the Committee of her
intention to move f orward with setting up the account.

2.4 The Committee discussed the three additional managers under consideration for
the long -term portfolio. Ms Shen outlined the due diligence process used to vet
the managers and explained the manager diversification strate gy. The


Minutes

.......
GAVI Alliance Investment Committee Meeting

24 April 2014
Inv-2014-Mtg-2 1


GAVI Alliance Investment Committee Meeting
24 April 2014
New York, NY, USA

FINAL MINUTES

1. Chair?s report
1.1 Finding a quorum of members present, the meetin g commenced at 9.30 New
York time on 24 April 2014. George W. Wellde, Jr, I nvestment Committee
Chair, chaired the meeting.

1.2 The Committee welcomed Stephen Zinser to the me eting and looked forward
to his participation and service.
1.3 Standing declarations of interest were tabled t o the Committee (Doc 1a in the
Committee pack); there were no additional conflicts declared. The Committee
reviewed the minutes of its meeting on 25 February 2014 (Doc 1b), its action
sheet (Doc 1c), and its forward workplan (Doc 1d).

Decision One

The GAVI Alliance Investment Committee:
 Approved the minutes of its meeting on 25 February 2014.

------

2. Investment portfolio review
2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance through February 2 014 along with
preliminary March results (Doc 2). She provided a g eneral market update and
then reviewed the asset allocation, liquidity, conc entration of risk, returns, and
contribution to mission.
2.2 Ms Shen also reviewed with the Committee change s to reporting given the
new Investment Policy asset categories. As part of this, the Secretariat will
report separately in a ?multi-exposure? bucket thos e managers whose funds fit
into multiple assets classes.
2.3 She also reported the size of the UNICEF lien o n the portfolio and that an
additional lien was being considered. She noted neg otiations underway with
 

.......
GAVI Alliance Investment Committee Meeting
25 February 2014
Inv -2014 -Mtg -1 1




GAVI Alliance Investment Committee Meeting
25 February 201 4
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.30 New
York time on 25 February 201 4. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ); there were no additional conflicts declared . The Committee
reviewed the minutes of its meeting on 15 October 2013 (Doc 1b), its action
sheet (Doc 1c) , and its forward workplan (Doc 1d).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 15 October 2013.

------

2. Investment portfolio re view and revised Investment Policy

Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance through December 2013 along with
preliminary January 2014 results (Doc 02, Annex A). She reviewed the
portfolio?s major asset classes, performance to benchmarks, and risk profile.

2.2 She paid particular attention to an underperforming asset class and managers
she had put on watch. She also updated the Committee on how the
Secretariat was reducing exposure to the institution that holds the
procurement account given recent internal contr ol concerns there .

Revised Investment Policy

2.3 At the 15 October 201 3 Committee meeting, Jeanne Shen recommended
separating the Investment Policy Statement into a framework Investment
Policy and a subordinate asset allocation statement. The Committee had
 

.......
GAVI Alliance Investment Committee Meeting
15 October 2013
Inv -2013 -Mtg -4 1




GAVI Alliance Investment Committee Meeting
15 October 201 3
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.30 New
York time on 15 October 201 3. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack ); there were no additional conflicts declared . The Committee
noted the minutes of its meeting on 24 July 2013 (Doc 1b), which it approved
by no -objection on 9 September 2013.

1.3 The Committee reviewed its action sheet (Doc 1c) and its forward workplan
(Doc 1d ).

------

2. Investment portfolio re view

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance through August 2013 along with preliminary
September results (Doc 2). She reviewed the major asset classes of the
portfolio, including performance to benchmarks, exposures, and risks. She
noted the Secretariat?s execution of two new investments since the July
meeting, both of which the Committee had previously revi ewed. She also
reviewed the results of the Secretariat?s internal review of its risk management
and due diligence practices for investment managers.

2.2 Jeanne Shen proposed an alternative asset allocation framework to simplify
how GAVI manages and monitors the long -term portfolio. Along with aligning
GAVI with a general institutional trend in simplifying portfolio management,
she noted that the framework would provide ranges for the proposed asset
allocations that, while proving a clear boundary within which to operate under
the Committee?s oversight, would also allow the Secretariat to move more
rapidly to protect the portfolio from downside risk and to source investment
opportunities as they became available.

2.3 After consulting with in stitutional peers, Jeanne Shen also recommended
separating the Investment Policy Statement, which currently includes the
 

.......
GAVI Alliance Investment Committee Meeting
24 July 2013
Inv -2013 -Mtg -3 1




GAVI Alliance Investment Committee Meeting
24 July 201 3
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.35 New
York time on 24 July 201 3. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 26
April 2013 (Doc 1b), its action sheet (Doc 1c) and its forward workplan (Doc
1d ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 26 April 201 3.

------

2. Investment portfolio re view

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance year -to -date and for the second quarter of
2013 specifically ( Doc 2 ). She also reviewed the major asset classes in
GAVI?s portfolio and re port ed on key macro risks ; asset allocation ; returns ;
manager allocation ; peer comparisons ; credit quality ; and contribution to
mission .

Discussion

? The Committee noted that the two newest a sset classes to the portfolio are at
or very close to the ir permitted targets in the Investment Policy Statement of
15% each . The Committee also noted it will continue to report from time to
time to the Board on changes to the asset allocation, investments goals and
objectives , consistent with its Board -approved Charter .

 

.......
GAVI Alliance Investment Committee Meeting

GAVI Alliance Investment Committee Meeting
26 April 2013
Inv -2013 -Mtg -2 1




GAVI Alliance Investment Committee Meeting
26 April 201 3
Teleconference


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.30 New
York time on 26 April 201 3. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 19
February 2013 (Doc 1b) , noting they had been approved on 2 April 2013. The
Committee also reviewed its action sheet (Doc 1c) and its forward workplan
(Doc 1d ).

------

2. Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance for the first quarter o f 2013 (Doc 2). She
reviewed the overall macroeconomic environment ; GAVI?s asset allocations of
returns to benchmarks . She also reported on risk management; manager ,
regional, and sector allocation ; equity ; peer comparisons ; contribution to
mission ; credit quality ; and new strategies.

Discussion

? The Committee spent particular time discussing asset allocation with regard to
fixed income duration. As part of this discussion, it considered GAVI?s cash
needs and programme expenditures over the next 12 -24 mon ths. As such, the
Committee requested Jeanne Shen to work with Angeles Investment Advisors
to review portfolio guideline for additional flexibility .

? The Committee conferred on one investment managers that the Secretariat
had put on watch and their potent ial impact on the portfolio. After discussion,
the Committee noted the Secretariat intent to reallocate some funds into
different investments .

 

.......
GAVI Alliance Investment Committee Meeting
19 February 2013
Inv -2013 -Mtg -1 1




GAVI Alliance Investment Committee Meeting
19 February 201 3
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.00 New
York time on 19 February 201 3. George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 2
Nov ember 2012 (Doc 1b), its action sheet (Doc 1c) and its forward workplan
(Doc 1d ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 2 November 2012.

------

2. Manager presentation ? Convexity

2.1 Jack Meyer , Mike Pradko, Pete van Amson, and Erica White from Convexity
Capital delivered an informational report that provided background on their
organi sation and its investment approach (Doc 2).

Discussion

? The Committee discussed with the Convexity representatives its trading
strategies, counterparty diversification , counterparty and broker/dealer
relationships, financing and repurchase agreements, benchmarking, and
management and performance fees.

? After th e Convexity representatives left the meeting, the Committee discussed
the firm?s strategy, fee structure, management team experience and
succession planning, net returns, and risk profile.

------
 

.......
GAVI Alliance Investment Committee Meeting
2 Nov ember 2012
Inv -2012 -Mtg -4 1




GAVI Alliance Investment Committee Meeting
2 Nov ember 2012
Teleconference


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting comm enced at 9.00 New
York time on 2 Nov ember 2012 . George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of its meeting on 11
September 2012 (Doc 1b) and its forward workplan (Doc 1c ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 11 September 2012.

------

2. Investment portfolio re view

2.1 Jeanne Shen, Chief Investment Officer, informed the Committee of the overall
investment portfolio performance for the year through September 2012 , and
provided an overview of the major asset classes in GAVI?s portfolio (Doc 02 ).
She also updated the Committee on the transition into the new asset classes
and provided an updated risk assessment and controls matrix . She also
reported on the global economic environment, returns by sector and by
manager, portfolio allocation, and contribution to mission.

Discussion

? The Committee asked what the total growth of the portfolio had been since
inception. Jeanne Shen promised to send this information to the Committee.


 

.......
GAVI Alliance Investment Committee Meeting
11 September 2012
Inv -2012 -Mtg -3 1




GAVI Alliance Investment Committee Meeting
11 September 2012
New York, NY, USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.23 New
York time on 11 September 2012 . George W. Wellde, Jr , Investment
Committee Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Chair noted that his interest in Fortress was unlikely to
conflict with his GAVI responsibilities, and so decided it no longer needed to
be declared.

1.3 The Committee reviewed the minutes of it s meeting on 24 Ma y 2012 (Doc
1b) , which had been approved by unanimous consent on 30 May 2012. The
Committee also reviewed its forward workplan (Doc 1c ).

------

2. Manager presentation ? Arrowstreet Capital

2.1 Michael Stanton and Ezra Levine from Arrowstreet Capital Limited
Partnership delivered an informational report that provided background on
their organi sation and the firm?s investment approach for a global equity
mandate (Doc 2). Mr Stanton and Mr Levine also discussed an offshore
comingled vehicle that may be an appropriate stru cture for a potential GAVI
investment.

Discussion

? The Committee noted its obligation to report new investments to the Board,
and the challenges associated with clearly explaining investment strategies
and risks. For example, while the Board is mindful of absolute investment
return, some Board members may not understand performance versus an
index. This makes it all the more important that the Committee ask the right
questions of its managers , understand risks, and evaluate how risks are being
mitigated.

------

 

.......
GAVI Alliance Investment Committee Meeting
24 May 2012
Inv -2012 -Mtg -2 1




GAVI Alliance Investment Committee Meeting
24 May 2012
Teleconference


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 9.03
Washington time 24 May 2012 . George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack). The Committee reviewed the minutes of it s meeting on 28
March 2012 (Doc 1b) , noting they had been approved on 1 May 2012. The
Committee also reviewed its action sheet (Doc 1c) and forward workplan (Doc
1d ).

------

2. Portfolio overview

2.1 Jeanne Shen, Chief Investment Officer, highlighted selected matters in the
general capital markets environment and provided an overview of GAVI?s
portfolio (Doc 2).

2.2 Specifically , she commented on the credit quality of the banking sector, and
revisions under consideration by US regulators to regulation s of money
markets funds. She described how GAVI and other potentially affected
organisations may have to adjust to these factors.

2.3 With regard to the portfolio, she reviewed cash, short -term, and long -term
portfolio performance; peer comparisons; contribution t o mission; excess
returns by sector; and individual manager performance and credit quality. She
also reported the total assets under management for each of the portfolio
funds, and commented on one instance in which GAVI assets comprised a
large portion of a particular fund?s assets under management.

2.4 Also, she updated the Committee on the transition of the portfolio to the asset
allocation approved by the Board on 16 -17 November 2011. Finally, she
reported on the Socially Responsible Investing program, noting that the
portfolio was in compliance with established thresholds . However, she
commented that as GAVI added certain assets classes to the portfolio, the
 

.......
GAVI Alliance Investment Committee Meeting
28 March 2012
Inv -2012 -Mtg -1 1




GAVI Alliance Investment Committee Meeting
28 March 2012
New York, NY USA


FINAL MINUTES

1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 8.42 New
York time on 28 March 2012 . George W. Wellde, Jr , Investment Committee
Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc 1a in the
Committee pack).

1.3 The Committee reviewed the minutes of it s meeting on 21 September 2011
(Doc 1b) , noting the discussion on the security control agreement that backs
a vaccine procurement deal with UNICEF and its implications on GAVI?s
ability to optimally invest funds. The Chair reported productive conversations
with UNICEF on this matter.

1.4 The Committee reviewed its action sheet (Doc 1c) and forward workplan (Doc
1d ).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 21 September 2011.

------

2. Portfolio overview

2.1 Jeanne Shen, Chief Investment Officer, provided an overview of the portfolio,
highlighting 2011 sector returns ; portfolio returns; peer comparisons of net
returns ; asset class allocation ; the cash and short -term portfolio performance;
and long -term portfolio sector allocation , credit quality, and liquidity (Doc 2). In
addition, she reviewed the Secretariat?s outlook for inflation levels and its
strategies for addres sing inflation risk. Finally, she reviewed the accounting
implications of certain asset classes and reported the results of the latest
Socially Responsible Investing (SRI) screen ing .
Discussion

 

GAVI Alliance Investment Committee Meeting , 20 March 2011 DRAFT MINUTES

Inv -2011 -UWC -2-Minutes




GAVI Alliance Investment Committee Decision
2 November 2011



1. Investment Policy

Decision One

By unanimous consent, the GAVI Alliance Investment Committee :

? Recommended to the Board that it approve the GAVI Alliance Investment
Policy (Doc 1) and revoke the GAVI Alliance Cash and Short -term
Investments Policy.






__________________________
Mr Kevin A. Klock
Assistant Secretary







 

.......
GAVI Alliance Investment Committee Meeting
21 September 2011
Inv -201 1-Mtg -04 1




GAVI Alliance Investment Committee Meeting
21 September 2011
Teleconference


FINAL MINUTES


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 11.02
Washington time on 21 September 2011. George W. Wellde, Jr , Investment
Committee Chair , chaired the meeting .

1.2 Standing declarations of interest were tabled to the Committee (Doc #1a in
the Committee pack).

1.3 The Committee reviewed the minutes of it s meeting on 26 May 2011 (Doc
#1b) , noting they were approved by unanimous consent on 4 June 2011 (Doc
#1c). Further, it reviewed the minutes of its meeting on 8 July 2011 (Doc #1d).

1.4 The Committee then reviewed its action sheet (Doc #1e) and forward
workplan (Doc #1f).

Decision One

The GAVI Alliance Investment Committee :

? Approved the minutes of its meeting on 8 July 2011.

------

2. Portfolio overview

2.1 Jeanne Shen, Chief Investment Officer, provided an overview of the portfolio,
highlighting the financial environment, risk -off environment, and the
environment?s impact on fixed -income investing (Doc #2). In addition, she
reviewed GAVI?s asset allocation, net returns, compar isons to peers , and
contribution to income. She also reported on the Secretariat?s evaluation of all
investment managers and vendors, including the reasons why one vendor
was terminated. Finally, she provided an update on Socially Responsible
Investing (SR I), informing the Committee that a new SRI vendor had been
hired, relaying how the competitive search process was conducted for this
vendor , and providing information on the new vendor ?s services .
 

GAVI Alliance Investment Committe e Meeting, 8 July2011 DRAFT MINUTES
Inv -2011 -Mtg -3 1




GAVI Alliance Investment Committee Meeting
8 July 2011
Geneva, Switzerland


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10. 22 Geneva
time on 8 July 2011. George W. Wellde, Jr, Investment Committee C hair chaired the
meeting.

Notice of the meeting was waived as all Committee members were present.

---

2. Revision to the Cash and Short -Term Investment Policy

On 4 June 2011, the Investment Committee recommended to the Board that it
approve a new Cash and Short -Term Investment Policy. Since then, the World Bank
proposed three amendments to the recommended policy. Barry Greene, MD,
Finance and Operations, reviewed these amendments with the Committee (Doc #1).

? The amendments were consistent with the intent of the Committee and so the
Committee was comfortable recommending the m to the Board. However, it
noted a strong preference in the future to receiv ing proposed amendments
further in advance of the Board meeting.

Decision One

The GAVI Alliance Inv estment Committee moved to:

? Recommend to the Board that it approve the new Cash and Short -Term
Investment Policy (8 July 2011 version).

---

There being no further business, the meeting was brought to a close.


__________________________
Mr Kevin A. Klock
Assistant Secretary

GAVI Alliance Investment Committee Meeting , 20 March 2011 DRAFT MINUTES

Inv -2011 -UWC -1-Minutes




GAVI Alliance Investment Committee Decision s
4 June 2011


1. Minutes from 26 M ay 2011

Decision One

By unanimous consent, the GAVI Alliance Investment Committee moved to :

? Approve the minutes of its meeting on 26 May 2011.


2. Cash and Short -Term Investment P olicy

Decision Two

By unanimous consent, the GAVI Alliance Investment Committee moved to :

? Recommend to the Board that it approve the new Cash and Short -Term
Investment Policy (27 May 2011 version).






__________________________
Mr Kevin A. Klock
Assistant Secretary







 

GAVI Alliance Investment Committee Meeting , 26 May 2011 FINAL MINUTES

Inv -2011 -Mtg -2 1




GAVI Alliance Investment Committee Meeting
26 May 2011
Teleconference


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10.0 2
Washington time on 26 May 2011. George W. Wellde, Jr, Investment Committee
Ch air chaired the meeting.

Standing declarations of interest were tabled to the Committee (Doc #1a in the
Committee pack).

The Committee took as read the minutes of its meeting on 18 March 201 1 and noted
that they were approved with no objection on 11 April 2011 (Doc #1b). Also, t he
Committee took as read the action sheet of matters arising from previous meetings
(Doc #1c) and the Committee?s forward workplan (Doc #01 d).

---

2. Portfolio overview

General

Jeanne Shen, Senior Director of Investments pro vided an overview of the portfolio,
highlighting GAVI?s asset allocation, peer comparisons, investment income, a s well
as sector and quality comparisons of its investments (Doc #2). She reported the
portfolio?s YTD return and projected 2011 returns.

? Du ring the Q1 2011, GAVI?s portfolio was outperformed by the endo wments
and foundation comparator benchmark. As noted in the past, GAVI?s portfolio
has no allocation to capital appreciation asset classes.

? The two most recently hired investment managers are performing as
expected.

Risk matrix

Jeanne Shen presented a new risk evaluation methodology which would be used to
assess certain compliance aspects of GAVI?s investment managers includ ing senior
management stability, internal controls, regulatory compl iance, GAAP compliance,

GAVI Alliance Investment Committee Meeting , 18 March 2011 FINAL MINUTES

Inv -2011 -Mtg -1a-Minutes 1




GAVI Alliance Investment Committee Meeting
18 March 2011
Teleconference


FINAL MINUTES

1. Chair?s report

Finding a quorum of members present, the meeting commenced at 10.03
Washington time on 18 March 2011 . George W. Wellde, Jr , Investment Committee
Chai r chaired the meeting.

Standing declarations of interest were tabled to the Committee (Doc #1a in the
Committee pack).

The Committee reviewed the minutes of its meeting on 11 November 2010, noting
that they were approved by unanimous consent on 10 December 2010 (Doc #1b).
The Chair referred to several matters listed on its action sheet , including that the
Committee had noted the Secretariat?s intention to hire two new i nvestment
managers and that the Secretariat would update the Committee on manager
compliance with the Socially Responsible Investment (SRI) policy (Doc #1c).

---

2. Manager report: Bridgewater

Seth Birnbaum, Katie Allen, and Brian Lawlor from Bridgewater Associates delivered
a presentation on risk parity strategies (Doc #2). As part of their presentation, t hey
reviewed their firm?s history, discussed the ?building blocks? of a portfolio?s return,
analysed GAVI?s portfolio in comparison t o U.S. institutional portfolio risk, and
discussed ways in which some institutions balance risk across economic
environments .

? GAVI continues to have a balanced, diversified portfolio that is risk averse and
which emphasizes capital preservation . Howeve r, this diversification exists
within only a select number of asset classes.

? Exposure only to conservative asset classes could cause the portfolio to
suffer during periods of high inflation. Some members believe that additional
asset classes exist that would meaningfully increase returns while increasing
portfolio risk only nominally.
 

GAVI Alliance Investment Committee Meeting, 11 November 2010 FINAL MINUTES
1


GAVI Alliance Investm ent Committee Meeting
11 November 2010
New York, NY, USA

FINAL MINUTES

Finding a quorum of members present 1, the meeting commenced at 1 0.06 New York
time on 11 November 2010. George W. Wellde, Jr chaired the meetin g.

1 Record of Unanimous Consent
The Committee reviewed the record of unanimous consent from 15 September 2010
(Doc #1 in the committee pack).

Decision One
The GAVI Alliance Investment Committee moved to:
Approve the record of unanimous consent from 15 September 2010 (concerning
approval of the Committee?s minutes from its meeting s on 1 February and 26 July
2010) .

2 Franklin Templeton Presentation
Brian Zeiler and Vivek Ahuja delivered a presentation on its investment outlook in
developing markets, parti cularly in Asia. They also described some of their
investment vehicles. Discussion followed after Messieurs Zeiler and Ahuja were
excused from the meeting:
? GAVI?s recipient countries are concentrated in Africa and Asia. The
Committee felt that GAVI ough t to ensure its portfolio contained an adequate
investment in these market s given they are projected to have higher economic
grow th levels than developed markets . However , it should feel comfortable
with the risk profile of these markets , the amounts inve sted , and the
investment products themselves, ensuring they have the right risk oversight
strategies, are benchmarked against the appropriate indices, and are
sufficiently liquid.

3 Portfolio Review
Jeanne Shen, Senior Director of Investments provided an ov erview of the portfolio,
highlighting asset allocation, net returns, option -adjusted spreads, sector and quality
comparisons, and due diligence efforts (Doc #2). Discussion followed:
? The portfolio is GAVI?s second largest ?donor? in 2010 year -to -date. Given
this, the Board should understand the potential downsides to dipping
excessively into the portfolio?s principal.

1 Attendees are listed in Attachment A

GAVI Alliance Investment Committee Meeting , 26 July 20 10 FINAL MINUTES

1

GAVI Alliance Investment Committee Meeting
26 July 20 10
Teleconference

FINAL MINUTES

Finding a quorum of members present 1, the meeting commenced at 12.06
Washington time on 26 July 20 10.

1 June 2010 Portfolio Review
Jeanne Shen , Senior Director of Inv estments , reviewed market activity including
recent volatility, portfolio activity and returns, sector performance, benchmarks, and
asset allocation. Discussion followed:
? The Secretariat continues to pursue opportunities for diversification in the
portfol io and will present further options in due course.

? Global concerns include the e xpiration of government asset purchase and
stimulus programmes to support national economies. To support these
programmes , many industrialised country governments issued larg e amounts
of debt and n ow face a huge rollover of that debt . Another concern includes
government austerity measures that limit public spending during a period
when the global economic recovery is uncertain .

? There is also uncertainty surrounding the timi ng of cash flows for GAVI in a
resource constrained environment . T he success of the ongoing replenishment
process will likely have a n impact on the portfolio .

? With regard to the new programme funding policy, t he Secretariat confirmed
that when the Board c onsiders new proposals, they should have qualifying
assets on hand (cash and investments, direct contributions, IFFIm
contributions , among others ) to cover both new and existing commitments for
a two -year period.

? Monitoring the size of GAVI?s cash positio n is an area of focus for the
investment team. The Secretariat is exploring a range of cash -like
investments that are conservative but can provide better returns than money
market funds which the Secretariat predicts will have lower returns than
historic norms.

2 2009 Audit Update
Ms Shen reported that KPMG?s f ield testing has not resulted in any audit issues
related to investments . Barry Greene , Managing Director of Finance and Operations
1 Participants are listed in Attachment A.

GAVI Alliance Investm ent Committee Meeting , 1 February 2010 FINAL MINUTES

1

GAVI Alliance Investment Committee Meeting
1 February 20 10
Washington, DC, USA

FINAL MINUTES

Finding a quorum of members present 1, the meeting commenced at 15.32
Washington time on 1 February 2 010. The Committee reviewed the minutes from its
meeting o n 1 7 September 2009 (Doc #1 in the committee pack) .

DECISION
The GAVI Alliance Investment Committee:
Approved the minutes of its meeting on 17 September 2009.

1 Chair?s Report
The Chair reported that the Committee needed to increase its membership ; this will
be addressed by the next board session. He also commented on the portfolio noting
that GAVI?s ability to generate resource s over the next year would have a significant
impact on the construction and size of the investment portfolio.

2 February 2010 Portfolio Review
Jeanne Shen , Senior Director of Investments , reviewed portfolio activity and returns
in more detail as well as cash flow, risks, asset allocation and diversification, and
due diligence efforts (Doc #2). Discussion followed:
? Given the prio rity to preserving principle , the portfolio is constructed
conservatively. There is likely little appetite for substantially more aggressive
asset classes but the investment team should look at incrementally more
aggressive classes to hedge against inflat ion and maximise returns .

? The Committee reviewed the performance of certain investment managers but
did not recommend any changes at this time. The Secretariat should continue
to explore new investment manager and asset class options.

3 Presentation on Asset Allocation and Investment Opportunities
Don Linds ey, Chief Investment Officer for the George Washington University
delivered a presentation for information on asset allocation and external trends
influencing investment opportunities.

There being no further business, the meeting was adjourned.

_____________________ ___ _____ ____
Mr Kevin Klock, Assistant Secretary
1 Participants are listed in Attachment A.

GAVI Alliance Investment Committee meeting , 17 September 2009 FINAL MINUTES

1

GAVI Alliance Investment Committee teleconference
17 September 2009

FINAL Minutes

Finding a quorum of members present
1
, the meeting commenced at 9.
45 Washington time on 17
September 2009 . The Committee reviewed the minutes from its meetings on 27 May 2009 and 2
June 2009 (Docs #1a and 1b in the committee pack) .
DECISION
The GAVI Alliance Investment Committee:
1.1 Approved

the minutes of its meeting s on 27 May 2009 and 2 June 2009.
1 Investment performance update
Jeanne Shen, Senior Director, Investments, delivered a report on the performance of GAVI?s
investment portfolio (Doc #2). In particular, she reviewed portfolio activity and returns, general
market volatility, sector performance, benchmarks , and asset allocation. Further, she provided a
report on the socially responsible investment (?SRI?) programme and submitted audit and transition
updates, noting that all investment manager accounts had been transferred to GAVI?s Swiss
custodian. Finally, she proposed a modest change to the Investment Policy. Discussion followed:
? Returns in 2009 are expected to outpace 2008. However, manager performance should be
interpreted appropriately given the aggressive write downs taken by financial institutions
during the first half of the year.
? The Committee requested a report forecasting the likely size and composition of the
portfolio as of 31 December 2009 and at future dates to support its asset allocation and, if
applicable, drawdown strategy given the current funding challenges.
? The Committee conferred on the size of some of GAVI?s cash positions and discussed
whether these assets c ould be invested beyond very conservative US government obligations
given that credit conditions have improved.
? The Committee agreed that SRI screening should occur at the ?total fund? level.
? The GAVI Alliance Immunize Every Child board requested a briefing on the GAVI Alliance
portfolio. The Committee agreed Ms. Shen should provide the board this consultation and
offer to assist it in crafting its own investment policy.
? Since the GAVI Alliance Board approved the GAVI Alliance Investment Policy, it reserves
to itself the right to make changes to it. As a result, the Committee felt it should recommend
increasing the flexibility of the policy by removing some of the restrictive subcategory
requirements so that future incremental or granular adjustments to the portfolio would be
within policy.





1 P articipants are listed in Attachment A.

GAVI Alliance Investment Committee meeting , 2 June 2009 FINAL MINUTES

1

GAVI Alliance Investment Committee meeting
2 June 2009
Washington, DC, USA

FINAL Minutes

Finding a quorum of members present
1, the meeting commenced at 13.30 Washington time on 2
June 2009 .
2

Notice of the meeting was waived as all members were present.
1 Portfolio size
The Chair recommended the Committee take a position that a prudent minimum size of the
portfolio should be equal to cover GAVI?s expenses for one year, or approximately US$ 1.2 billion.
This would provide a cushion should donors stretch their commitments or have difficulty fulfilling
commitments due to budgetary constraints. The Committee acknowledged there would be a
significant challenge in maintaining this size.

RECOMENDATION
The GAVI Alliance Investment Committee:
1.1 Recommended

to t he Board an approach of maintaining an investment portfolio that
covers one times annual expenditures, or about US $ 1.2 billion, such that GAVI has
sufficient financial flexibility.
There being no further business, the meeting was adjourned.


______________________________________
Mr. Kevin Klock, Assistant Secretary
1 P articipants are listed in Attachment A. 2 A 9 December 2008 email from Mary Robinson, Board Chair, nominated George W. Wellde, Jr. to be Chair of
the Investment Committee. As such, Mr. Wellde served as Chair of the Meeting (?Chair?) .

GAVI Alliance Investment Committee Meeting, 27 May 2009 FINAL MINUTES

1

GAVI Alliance Investment Committee teleconference
27 May 2009

FINAL Minutes

Finding a quorum of members present
1, the meeting commenced at 9.0 0 Washington time on 27
May 2009 .
2
The Committee reviewed the minutes from its meeting on 23 February 2009
(Doc #1 in
the committee pack) .
DECISION
The GAVI Alliance Investment Committee:
1.1 Approved

the minutes of its meeting on 23 February 2009 subject to an amendment
in Section 1 that clarifies ?budgets for development are tied to Gross National
Product.?
1 Inve stment performance update
Alice P. Albright, EVP and Alliance CFIO delivered a report on the performance of GAVI?s
investment portfolio (Doc #2). In particular, she reviewed general market volatility, portfolio
returns, asset allocation, risk, sector performance, manager performance and due diligence,
diversification, benchmarks, and credit quality. Jeanne Shen, Senior Director of Investments
provided audit and transition updates. Discussion followed:
? The Committee requires feedback from the Board as to the scope and speed of any potential
drawdowns to the portfolio over the next 12 -18 months and potentially longer. Such
feedback will affect how the portfolio is invested.
? The Committee should take a position on the ideal minimum size of the investment portfolio
to make sure GAVI can fund its expenses in case of an unexpected loss of donor revenue.
Next week the Committee should meet in Washington, DC, to determine how to advise the
Board.
? The Secretariat informed the Committee the final super grant will be tabled to the Audit and
Finance Committee on 28 May 2009. The grant is broken into five tranches, two of which
have been executed via mini- grants and three which would be executed after the seat
agreement is signed with the Swiss authorities. Most of the investment portfolio will transfer
to the GAVI Alliance in tranches three and four.
? The Secretariat has hired a firm to help with screening as part of the Socially Responsible
Investment programme. The first semi- annual report will be ready in due course.

2 Manager report ? Baird Advisors
Mary Ellen Stanek, Chief Investment Officer of Baird Advisors delivered a general investment
outlook and reviewed the quality and sector breakdown of one of its investment products (Doc #3) .
Baird and the Committee discussed expenses, ratings quality, leverage, and interest rates. Baird also
made some investment recommendations based on scenarios the Committee presented.
1 P articipants are listed in Attachment A. 2 A 9 December 2008 email from Mary Robinson, Board Chair, nominated George W. Wellde, Jr. to be Chair of
the Investment Committee. As such, Mr. Wellde served as Chair of the Meeting (?Chair?) .

GAVI Alliance Investment Committee teleconference ? 23 February 2009 FINAL MINUTES

1

GAVI Alliance Investment Committee teleconference
23 February 2009

FINAL Minutes

Finding a quorum of members present
1, the meeting commenced at 9.07 Washington time on 23
February 2009 .
2
1 Remarks by the Chair of the Meeting

George W. Wellde, Jr., Chair of the Meeting reviewed the mandate of the Investment Committee
(?Committee?), stressing the need for appropriate oversight of the investment portfolio given the
external financial environment and GAVI needs. He also reviewed the GAVI Fund version of the
Investment Committee Conflict of Interest Policy (Doc #1 in the committee pack) noting a GAVI
Alliance policy would be crafted alongside a global policy. Discussion followed:
? As the economy worsens , more pressure will fall on donor governments to consider reducing
or stretching out their support to GAVI. This uncertainty may impact how the investment
portfolio is organised . Yoka Brandt confirmed that budget for development is tied to Gross
National Product, which has suffered under current global market conditions.
? The Board will lean heavily on the Investment Committee for oversight and guidance. As
such, it would be worthwhile for the Committee to consider face- to-face meetings.
? Committee member comments on a committee conflict of interest policy should be sent to
the Secretariat in due course.

2 Investment performance update
Alice P. Albright, EVP and Alliance CFIO delivered a report on the performance of GAVI?s
investment portfolio (Doc #2). In particular, she reviewed returns, asset allocation, risk, sector
performance, manager performance, diversification, benchmarks, and credit quality. She noted the
portfolio remained at the GAVI Fund and would transfer to the GAVI Alliance as the super grant
between the GAVI Alliance and the GAVI Fund was executed. Ultimately, the goal is a streamlined
portfolio with clear direction and horizons. Discussion followed.

3 Audit matters
Jeanne Shen, Senior Director of Investments provided an interim audit update (Doc #2). The
Secretariat has drafted FAS 157 policies and procedures and had reviewed investment managers? own
FAS 157 policies. Further, the Secretariat formed a FAS 157 evaluation committee to review
holdings at the end of each quarter. Finally, Ms. Shen presented a due diligence overview of the
investment managers. There was no discussion.

4 Investment and c ash investment policy r ecommendations
Ms. Albright presented a draft Investment Policy and Cash Investment Policy. The purpose of the
Investment Policy is to assist the Board, Committee, and Secretariat in effectively supervising,
1 P articipants are listed in Attachment A. 2 A 9 December 2008 email from Mary Robinson, Board Chair, nominated George W. Wellde, Jr. to be Chair of
the Investment Committee. As such, Mr. Wellde served as Chair of the Meeting.