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
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 .
? 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.