BOARD OF ADMINISTRATION  
Action Minutes  
Police and Fire Investment Committee  
Tuesday, April 28, 2026  
12:00 PM  
1737 North First Street, Suite 580  
San Jose, CA 95112  
HYBRID MEETING  
PHYSICAL LOCATION:  
1737 North First Street, Suite 580, San Jose, CA 95112  
ZOOM INFORMATION:  
zoom.us  
Dial In: +1 408 638 0968 US (San Jose)  
Meeting ID: 958 6514 9455  
Howard Lee, Chair (Term Expires 11/30/26)  
Andrew Gardanier, Vice-Chair (Term Expires 11/30/27)  
Sunita Ganapati, Trustee (Term Expires 11/30/26)  
David Kwan, Trustee (Term Expires 11/30/28)  
John Flynn, CEO, Office of Retirement Services  
Jay Kwon, Chief Investment Officer  
__________________________________________  
The Police and Fire Investment Committee met in person at the Office of  
Retirement Services, 1737 North First Street, Suite 580, San Jose, CA 95112 and  
via Zoom on Tuesday, April 28, 2026. The meeting was called to order at 12:06  
p.m. by Chair Lee followed by a roll call.  
Committee members present: Howard Lee, Andrew Gardainer, David Kwan and  
Sunita Ganapati.  
Retirement Staff present: John Flynn, Jay Kwon, Dhinesh Ganapathiappan,  
Christina Wang, Arun Nallasivan, David Aung, Ron Kumar, Harrison Pearce,  
Ryan Reynado, Jennifer You, Julie He and Ellen Lee.  
Investment Staff via Zoom: Harrison Pearce  
Also present in person: Laura Wirick, Meketa Investments and Colin Kowalski,  
Meketa Investments.  
Also present via Zoom: Brian Kwan, Verus Investments, Faith Daigneau, Meketa  
Investments, and Kevin Balaod, public member, Paul Schemel, public member.  
ADA ALERT  
In accordance with the requirements of AB 2449, the Board of Administration  
(“Board”) will generally, upon request, provide appropriate aids and services  
leading to effective communication for individuals with disabilities so they can  
participate equally in the Board’s meetings, including qualified sign language  
interpreters, documents in Braille, and other ways of making information and  
communications accessible to people who have speech, hearing, vision or  
other disabilities.  
Anyone who requires an auxiliary aid or service for effective communication to  
participate in a Board meeting should contact the designated contact in Office  
of Retirement Services as far in advance of the scheduled meeting as possible.  
The Board strongly encourages individuals with disabilities to endeavor to  
submit requests for reasonable accommodation no later than five (5) business  
days before the scheduled meeting, as the Board may not be able to grant  
requests for reasonable accommodations without sufficient advance notice.  
The Board strongly encourages individuals with disabilities to submit their  
written requests via email or regular mail to facilitate tracking and response;  
however, if the submission of a written request constitutes a hardship,  
individuals may call the Office of Retirement Services to submit an oral request.  
The designated contact in the Office of Retirement Services will endeavor to  
respond to each request within three (3) business days of receipt of the request.  
Depending on the request, the designated contact in the Office of Retirement  
Services may ask to schedule a time to discuss the request (which may occur  
virtually) to determine the most appropriate auxiliary aid or service, before the  
request is resolved.  
ADA Designated Contact Information  
Attention: Deputy Director/Chief Operations Officer, Office of Retirement  
Services Address: 1737 N First St #600, San Jose, CA 95112  
Email: #Retire_Admin@sanjoseca.gov Phone: 408-794-1000 (ORS Main Line)  
THE LEVINE ACT  
The Levine Act requires a Party in a Proceeding before the City of San José that  
involves any action related to their contract, license, permit, or use entitlement  
to disclose any campaign contributions to City elected or appointed officials  
totaling more than $500 within the 12 months prior to the City decision. A  
Participant to a Proceeding may voluntarily report a campaign contribution on  
the form located on the Levine Act webpage.  
SB 707 REMOTE APPEARANCE(S)  
Take action on request(s) for remote appearance.  
i.  
CALL TO ORDER AND ROLL CALL  
ORDERS OF THE DAY  
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CONSENT CALENDAR  
1.  
a.  
Approval of minutes of the February 23, 2026 Police and Fire Investment  
Committee meeting.  
A motion was made to approve the minutes of the February 23, 2026 Police and  
Fire Investment Committee meeting.  
Approved (m.s.c. Gardiner/Ganapati 4-0)  
NEW BUSINESS  
2.  
a.  
b.  
Oral Update by CIO, Jay Kwon.  
Overview of public equity by Christina Wang, Investment Officer and  
Harrison Pearce, Investment Analyst.  
Note and File  
Discussion and action on fiscal year 2026-2027 private markets pacing plan by  
Dhinesh Ganapathiappan, Senior Investment Officer and David Aung,  
Investment Officer.  
c.  
A motion was made to approve the pacing plan as presented by staff.  
Approved (m.s.c. Ganapati/Kwan 4-0)  
Discussion and action on strategic asset allocation by Meketa Investments.  
d.  
A motion was made to approve the strategic asset allocation to be the same as  
last year, except for the reclassification of the bond allocation to multi sector  
bonds.  
Approved (m.s.c. Ganapati/Kwan 4-0)  
CLOSED SESSION  
PROPOSED AGENDA ITEMS  
PUBLIC COMMENTS  
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•
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ADJOURNMENT  
The meeting adjourned at 2:53 p.m.