PSPF September 2025 Meeting Minutes
Date: March 24, 2025
Board Members in Attendance:
Dave Young
Jerome DeHerrera
Wendy Dominguez
Deborah Froeb
| Time | Topic | Notes |
|---|---|---|
| 12:03PM - 12:03PM | Welcome and Roll Call | |
| 12:03PM - 12:05PM | Approval of May Meeting Minutes | Ms. Dominguez moved to approve the meeting minutes from the September 24, 2025, Board Meeting. Ms. Froeb seconded the motion. The Motion passed with 4 yes, 0 no, and 1 excused. |
| 12:05PM - 12:06PM | Introductin of New State Land Board Director | Nicole Rosmarino was introduced to the Board |
| 12:06PM - 12:15PM | MacKay Shields Contract Extension | Mr. Browning from Callan recommended that the Board keep MacKay Shields. Mackay Shields contract ended in August, and the Attorney General's office and the Treasury were able to extend the contract for one month to get to the Board meeting. Ms. Dominguez moved to approve Callan's recommendation to extend MacKay Shields contract for one year. Ms. Froeb seconded the motion. The motion passed with 4 yes, 0 no, and 1 excused. |
| 12:15PM - 12:48PM | Investment Policy Annual Review | Mr. Browning explained and answered questions about the red lines of the Investment Policy Statement. There were questions about the statute and concerns that the General Assembly might take money from the fund’s waterfall. Ms. Marvin–Riley believes the General Assembly would need to pass a bill to access any of the money, but she will confirm this with the Board’s Attorney General and follow up with the Board. Deb mentioned adding language regarding the intended outcomes of impact investing. Since the Board does not have sufficient details on the execution of the impact investing program, the Board should consider how this will be executed. This was discussed further in the relevant legislation section of the meeting. |
| 12:48PM - 1:08PM | 2025 Q1 Market Update and Performance Report | Callan presented the Market Update and Performance Review from Q2 ending June 30, 2025. |
| 1:08PM - 1:26PM | Fund Manager Presentation, Colorado Department of Revenue | Mr. More and the Treasury Investment Team presented. |
| 1:26PM - 1:50PM | Discuss Relevant Legislation | Senate Bill 25: 167: Ms. Marvin-Riley went over the benchmarks that are in the statute. The Board will need to hire a program manager, and they discussed what other staff the Board may need to hire. This led to a discussion about doing an RFI or RFP. |
| 1:50PM - 1:52PM | Pubilc Comment | There was no public comment |
| 1:52PM | Meeting Adjourn |