HomeMy WebLinkAboutMinutes - 2017.08.16 - 32966OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD
INVESTMENT SUB-COMMITTEE MINUTES
A meeting of the Oakland County Employees' Retirement and Deferred Compensation Board
Investment Sub-Committee was held August 16, 2017 at 1:00 p.m. in the West Oakland
Conference Room, Executive Office Building (EOB) Conference Center.
Members Present: James H. VanLeuven, Jr. Joseph Rozell
Andy Meisner Laurie Van Pelt
Others Present: Silvia Frank, Human Resources
Rhonda Van Tiflin, Human Resources
Chris Kuhn, AndCo Consulting
Marc Gonyea, Benefit Street Partners
Pete Mitchell, Crescent Capital Group LP
Scott Carpenter, Crescent Capital Group LP
Kenneth Kencel, Churchill Asset Management
Kenneth Hudson, Nuveen
1. Meeting was open for public comment. No one spoke.
2. The following Direct Lending investment managers made presentations to the Committee:
• Benefit Street Partners
• Crescent Capital Group LP
• Churchill Asset Management
3. Discussion of the Direct Lending firms, segment focus, key terms and distinguishing features
of proposed offerings ensued. Motion by Rozell, seconded by Van Pelt, to recommend an
investment in Churchill Asset Management of $15 million by the Defined Benefit Pension fund
and $25M by the VEBA, conditioned upon conclusion of AndCo’s due diligence and their
Investment Committee’s approval of Churchill, and negotiation of a mutually agreeable
contracts.
4. The meeting was adjourned without objection at 4:20 p.m.
Respectfully submitted,
________________________________ ________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary