Amendment #725 to H3400

Retirement Board Investments

Mr. Murphy of Weymouth moves to amend the bill by adding the following section:

“Section XXXX: Chapter 32 section 23b subsection k paragraph 6, as appearing in the 2012 official edition, is hereby amended  by adding the following section:

(iii) A Retirement Board is permitted to invest in Private Equity and Real Estate ‘follow-on’ or ‘successor’ funds provided:

(1) the retirement system invested in the previous fund;

(2) the fund advisor/manager has no material change(s) in personnel;

(3) the strategy is unchanged; and

(4) no more than 10 years has elapsed since the retirement board conducted their original due diligence