Page 1: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

PresentersChris Schelling Director of Private EquityPeter Teneriello AnalystStepStone Group

2

I Executive SummaryII Due Diligence Process ReviewIII Portfolio Construction IV Manager Selection amp Recommendations V Requested Board ActionNames used in this presentation may be a shortened version of the full legal name that is used for ease of communication purposes throughout this document The formal recommendations to the Board on the last page of this presentation reflect the full legal names of the investments

Section I

3

4

Summary of RecommendationsRecommended ManagerFund

Strategy Classification Recommended Amount

Altaris Health Partners Fund V LP (ldquoAltaris Vrdquo)

Buy-out $75 million

One Rock Capital Partners III LP

(ldquoOne Rock IIIrdquo)Buy-out $75 million

Insight Partners XI LP (ldquoInsight XIrdquo) Growth Equity $100 million

Total Approximate Recommended InvestmentsCommitments $250 million

Manager RecommendationExecutive Summary

Section II

5

$891

$1296

$1745

$2294

$2884

$3548

$4316

$4640

$4941

$5217

$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000

2

4

6

8

10

12

14

16

$-

$1000

$2000

$3000

$4000

$5000

$6000

2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)

2019 Staff Pacing Model

Private Equity NAV Annual Commitment PE of Plan Target of Plan

6

Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments

deploy and return capital over time rather than all at once

Chart2

Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101

Value in US$ (Millions)

of Total Plan Value

1H 2015

Staff Pacing Model

Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan

20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005

of Total Plan Value

Sheet1

Beginning NAV200920102011201220132014201520162017201820192020202114609962163056759999999991799249399999999918571294000000002204905989999999982246863399999999823727477999999999236518112345999982509331849293549726568401491208642280726295918652292960068808931612931146271535344968Ending NAV16305675999999999179924939999999991857129400000000220490598999999998224686339999999982372747799999999923651811234599998250933184929354972656840149120864228072629591865229296006880893161293114627153534496832701965863980753

1H 2017

Staff Pacing Model

of Total Plan Value

Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005

of Total Plan Value

1H 2018

of Total Plan Value

Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005

of Total Plan Value

1H 2019

of Total Plan Value

1H 2020

Private Equity NAV2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E12962803466255298174526273902121062293909706618438128840777258133739354756900702377884315613752761276446397531968012099494092728246533725216724647124197954244807350722385Annual Commitment2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E900100011001200130014001500160017001600PE of Plan 2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E3907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028010296922671484597Target of Plan2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E01010101010101010101

of Total Plan Value

Trust futur proj

0

10

20

30

40

50

60

70

80

90

100

Beg Year Q1 Q2 Q3 End Year

o

f Pa

cing

Pla

n Ut

ilize

d

2020 Private Equity Pacing Plan Progress

Buy-out GrowthVenture Special Situations Unallocated

7

February Insight XI ($100mm)Altaris V ($75mm)

One Rock III ($75mm)

Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once

The 2020 Private Equity search process has

culminated in ~$358 million of closed

andor recommended

investments in line with the $900 mm

primary pacing model goal for the

year2018

HIG SPF ($75mm)

2019FGN 2018 Partner $33mm)

Chart1

Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663

of Pacing Plan Utilized

Instructions

Assumptions

Charts

Private Equity Geographic Diversification by Commitment

USA International078266990707036088021733009292963892

Private Equity Strategy Diversification by Commitment

Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955

Private Equity Manager Diversification by Commitment

CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000

Private Equity Geographic Diversification by NAV

Geography

Private Equity Strategy Diversification by NAV

Private Equity Manager Diversification by NAV

NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section III

8

540302

158

Buy-out (40 to75)

GrowthVenture(10 to 40)

Special Situations(5 to 35)

9

Synthesize AnalysisDiversification Analysis

Strategy considerations

2015 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities

2016 Focused on growth opportunity setand continue to add buy-out exposure

2017 Rounded out buy-out portfolio andopportunistically added to growth and credit

2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure

2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure

2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

The overall goal remains identifying top quartile performers to partner with

Position sizing considerations

Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration

Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate

Private Equity Manager Diversification by Commitment BO 1 BO 2

BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 BO 18GE 1 GE 2GE 3 GE 4

GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

TMRS is focused on taking a measured approach to global geographic diversification

The Target Portfolio keeps a conservative stance on international exposure

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

Top Candidate Characteristics ndash Altaris V$75 million Recommendation

Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds

14

Top Candidate Characteristics ndash One Rock III$75 million Recommendation

One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings

15

Top Candidate Characteristics ndash Insight XI$100 million Recommendation

Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds

Section V

16

17

Recommendation

TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds

Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million

18

Private EquityRecommendations February 13-14 2020
Agenda
Executive Summary
Slide Number 4
Due diligence process review
Due Diligence ProcessesAs part of Multi-year time periods
Due Diligence ProcessesAs part of Annual Search Processes
Portfolio construction
Private Equity Portfolio StatisticsStrategy Diversification
Private Equity Portfolio StatisticsManager Implementation
Private Equity Portfolio StatisticsGeographic Diversification
Manager selection and recommendation
Slide Number 13
Slide Number 14
Slide Number 15
Requested board action
Slide Number 17
DISCLOSURES TMRS periodically discloses public information that is not excepted from disclosure under Section 5520225(b) of the Texas Public Information Act Information provided by a manager a Managing General Partner (GP) any of its Associates or other data provider to TMRS or a TMRS service provider and contained in these materials (i) may have been independently produced or modified by TMRS or the TMRS service provider (ii) has not been reviewed or approved by the manager Managing GP or any of its Associates and (iii) may not reflect the historical performance or asset value reflected in the managerrsquos Managing GPrsquos or any of its Associatesrsquo records and therefore should not be used for comparative purposes

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

of Commitments to Date

of Target PE Allocation

One Rock

HIG SPF

Buy-out

$300000000

Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1358		2166

2016		394750000		1691		2698

2017		436750000		1870		2985

2018		481600000		2062		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6981		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	783	825	1249

International	217	175	347

Un-Allocated		-596

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1245350000		333780551		533		417		851

GE		GrowthVenture (10 to 40)		681000000		306969590		292		384		465

SS		Special Situations (5 to 35)		408750000		159160145		175		199		279

	Un-Allocated						-596

	Total		2335100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-5958

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Manager	Strategy		Commitment	Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date		of Target PE Allocation

HIG SPF	Buy-out		$300000000	Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years		$32798964		BO 1		BO		128		205

Tritium	Buy-out		$110000000		$54401398		BO 2		BO		47		75

Searchlight	Buy-out		$97000000		$36050169		BO 3		BO		42		66

Marlin	Buy-out		$71250000		$27597109		BO 4		BO		31		49

Altaris	Buy-out		$62500000		$32363036		BO 5		BO		27		43

Northlane	Buy-out		$60000000		$0		BO 6		BO		26		41

Capital Partners	Buy-out		$58000000		$15451080		BO 7		BO		25		40

Providence	Buy-out		$55000000		$4159147		BO 8		BO		24		38

Dunes Point	Buy-out		$50000000		$10655698		BO 9		BO		21		34

GTCR	Buy-out		$50000000		$12166313		BO 10		BO		21		34

Reverence	Buy-out		$50000000		$17469665		BO 11		BO		21		34

Arcline	Buy-out		$50000000		$0		BO 12		BO		21		34

CapVest	Buy-out		$46600000		$0		BO 13		BO		20		32

One Rock	Buy-out		$45000000		$26210958		BO 14		BO		19		31

Parthenon	Buy-out		$45000000			BO 15		BO

Incline	Buy-out		$40000000		$22726805		BO 16		BO		17		27

Kainos	Buy-out		$35000000		$24247438		BO 17		BO		15		24

Harvest	Buy-out		$20000000		$17482770		BO 18		BO		09		14

PSG	Venture Growth		$180000000		$118146622		GE 1		GE		77		123

Foundry	Venture Growth		$175000000		$43626459		GE 2		GE		75		120

Updata	Venture Growth		$125000000		$64293595		GE 3		GE		54		85

FTV	Venture Growth		$121000000		$43482202		GE 4		GE		52		83

Main Post	Venture Growth		$40000000		$3765454		GE 5		GE		17		27

Mercato	Venture Growth		$40000000		$33655258		GE 6		GE		17		27

TSSP	Special Situations		$150000000		$57061764		SS 1		SS		64		103

GSO	Special Situations		$93750000		$43903087		SS 2		SS		40		64

Carlyle	Special Situations		$65000000		$30476347		SS 3		SS		28		44

HIG Bayside	Special Situations		$60000000		$22204325		SS 4		SS		26		41

LightBay	Special Situations		$40000000		$5514622		SS 5		SS		17		27

Total		$2335100000		$799910286				9807		15651

					CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		2		1		3		1

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		4		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		3		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		2		1		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		3		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		3		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		3		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2335100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-5958


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year	AUM	Net Growth Rate	Implied Payout (assume 675 AUM growth)	Benefit Payout ($mm)

2018	29050396924

2019	30655961493	550	120	380

2020	32384009577	560	110	365

2021	34123041773	540	140	477

2022	35922282888	530	150	539

2023	37694455530	490	180	697

2024	39463267168	470	210	829

2025	41234373259	450	230	954

2026	43275861217	500	180	793

2027	45268676728	460	210	992

2028	46971376772	380	300	1447

2029	48844226102	400	280	1388

2030	50822447306	410	270	1410

2031	52742019621	380	300	1616

2032	54628992945	360	320	1790

2033	56451530726	330	340	1995

2034	58576503820	380	300	1803

2035	60640211459	350	320	2022

2036	62879058937	370	310	1983

2037	65007850601	340	340	2263

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E		2029E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619		$5268060

Target PE NAV				$143342		$138505		$156594		$331719		$350766		$370369		$390568		$411374		$432836		$455013		$477923		$501562		$526806

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)		($180000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000		$160000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672		$542448

Pacing per NAV				305		348		312		271		285		297		307		316		323		330		335		339		304


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104		103

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04		03


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776		$56957


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)		($86013)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554		$355594




	2433535		798792136		2565989737		5264522094		86630700		165015820		257609290		365078650		4806841325		584697160		866218100833333		961925898333333		103033793833333		110412948583333		132368313833333

	-002		-799		-2566		-5265		-8663		-16502		-25761		-36508		-48068		-58470		-86622		-96193		-103034		-110413		-132368

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619

Target PE NAV				$143342		$138505		$156594		$165860		$175383		$185185		$195284		$205687		$216418		$227507		$238962		$250781

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672

Pacing per NAV				305		348		312		543		570		594		614		632		647		659		670		678


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E

TMRS			$2902900		$2758912		$2915445		$3084389		$3256878		$3433238		$3613733		$3798325		$3987407		$4181410		$4380356

Target PE NAV			$145145		$137946		$145772		$154219		$162844		$171662		$180687		$189916		$199370		$209070		$219018

Distributions			($2500)		($7500)		($12500)		($20000)		($31700)		($39500)		($55875)		($70000)		($78750)		($78750)		($78750)

Private Equity NAV			$27150		$52500		$88130		$124558		$156255		$186019		$205151		$214646		$219075		$226354		$236280

Original Model			$48953		$79299		$114980		$149403		$173865		$188096		$195896		$199640		$201777

Annual Commitment	$31700		$39500		$44700		$50000		$52500		$52500		$52500		$55000		$60000		$62500		$65000		$65000		$65000

		308		362		360		340		322		320		332		329		326		311		297

Minus

PE of Plan			094		190		302		404		480		542		568		565		549		541		539

Plus			169		287		394		484		534		548		542		526		506

Target of Plan		5		5		5		5		5		5		5		5		5		5		5		5


PE	1300				(27816)		(26088)		(33449)		(40730)		(48008)		(55583)		(63050)		(70395)		(78032)		(86213)		(93803)

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS			$ 2902900		$ 2880000		$ 2995200		$ 3115008		$ 3239608		$ 3369193		$ 3503960		$ 3644119		$ 3789884

Target PE NAV			$ 145145		$ 144000		$ 149760		$ 155750		$ 161980		$ 168460		$ 175198		$ 182206		$ 189494

Distributions			$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (39500)		$ (55875)		$ (70000)		$ (78750)

Actual PE NAV			$ 27150		$ 55047		$ 89632		$ 124514		$ 151718		$ 176598		$ 193241		$ 200031		$ 201110

Original Model			$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		18809585710464		19589592210062		19963999392119		20177719328292

Annual Commitment	$317		$395		$447		$500		$525		$550		$575		$600		$635		$660	$675

		308		347		351		353		355		356		362		362		356

Minus

PE of Plan			094		191		299		400		468		524		551		549		531

Plus			169		275		384		480		537		558		559		548		532

Target of Plan			5		5		5		5		5		5		5		5		5


PE	1050

	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

Beginning NAV		14609962		16305676		17992494		18571294		20490599		22468634		23727478		236518112346		250933184929355		265684014912086		280726295918652		296006880893161		31146271535345


Costs (other cash flow)		18114		4981		-3285		-16664		10734		8346

Actual Income		610171		494700		424402		341039		293242		304804

Actual Capital Gains		873137		1001628		10363		1522241		1681646		98054		16609

Actual Cash flow		194292		185509		14732		72689		-7587		-34846		-92276


Candace cash flow estimate									-15499		-218716		-289139		-366844		-452463		-546679

Estimated Income									471582		534601		613836		704314		805849		896763

Estimated Capital Gains (Actuarial Return - Income)									1124916		1159198		1179531		1190588		1192197		1205610


Ending NAV		16305676		17992494		18571294		20490599		22468634		23727478		23651811		25093318		265684014912086		280726295918652		296006880893161		31146271535345		327019658639808

Yield		418		303		236		184		143		136		135		20		21		23		25		27		29

							Allocation

							Core		318		250		193		163		133		99

							Liquid credit		66		80		100		110		125		149

							Direct Lending		00		10		20		30		40		50

							US Equity		267		250		230		205		185		175

							Intl Equity		162		167		175		175		175		175

							Real Return		41		65		75		90		100		100

							Real Estate		62		75		85		95		100		100

							HF		81		90		100		100		100		100

							PE		00		10		20		30		40		50

							Cash		03		03		02		02		02		02

								1000		1000		1000		1000		1000		1000

							Yield

							Core		18		18		18		18		18		18

							Liquid credit		45		45		45		45		45		45

							Direct Lending		80		80		80		80		80		80

							US Equity		20		20		20		20		20		20

							Intl Equity		16		16		16		16		16		16

							Real Return		05		15		25		35		45		50

							Real Estate		50		50		50		50		50		50

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		03		03		03		03		03		03



							SUMMED

							Yield		0572400		05		03		03		02		02

							Core		03		04		05		05		06		07

							Liquid credit		00		01		02		02		03		04

							Direct Lending		05		05		05		04		04		04

							US Equity		03		03		03		03		03		03

							Intl Equity		00		01		02		03		05		05

							Real Return		03		04		04		05		05		05

							Real Estate		00		00		00		00		00		00

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		00		00		00		00		00		00

							TOTAL		20		21		23		25		27		29

	2015		2016E		2017E		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS		$ 2365181		$ 2503739		$ 2656840		$ 2807263		$ 2960069		$ 3114627		$ 3270197		$ 3416053		$ 3567084		$ 3718115		$ 3869146

Target PE NAV		$ 117986		$ 125187		$ 132842		$ 140363		$ 148003		$ 155731		$ 163510		$ 170803		$ 178354		$ 185906		$ 193457

Distributions		$ - 0		$ (500)		$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (45000)		$ (56250)		$ (63000)		$ (67500)

Actual PE NAV		$ 1739		$ 22500		$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		$ 188096		$ 195896		$ 199640		$ 201777


Annual Commitment		$317		$450		$450		$450		$450		$475		$475		$475		$500		$550		$600


Minus

Actual of Plan		007		090		184		282		388		480		532		551		549		537		522

Plus

Target of Plan		5		5		5		5		5		5		5		5		5		5		5


PE		1050

Page 2: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

2

I Executive SummaryII Due Diligence Process ReviewIII Portfolio Construction IV Manager Selection amp Recommendations V Requested Board ActionNames used in this presentation may be a shortened version of the full legal name that is used for ease of communication purposes throughout this document The formal recommendations to the Board on the last page of this presentation reflect the full legal names of the investments

Section I

3

4

Buy-out $75 million

Section II

5

$891

$1296

$1745

$2294

$2884

$3548

$4316

$4640

$4941

$5217

$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000

2

4

6

8

10

12

14

16

$-

$1000

$2000

$3000

$4000

$5000

$6000

2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

o

f Tot

al P

lan

Valu

e

Valu

e in

US$

(Mill

ions

)

6

Chart2

of Total Plan Value

1H 2015

Staff Pacing Model

of Total Plan Value

Sheet1

1H 2017

Staff Pacing Model

of Total Plan Value

1H 2018

of Total Plan Value

1H 2019

of Total Plan Value

1H 2020

of Total Plan Value

Trust futur proj

0

10

20

30

40

50

60

70

80

90

100

o

f Pa

cing

Pla

n Ut

ilize

d

7

andor recommended

year2018

HIG SPF ($75mm)

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section III

8

540302

158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1358		2166

2016		394750000		1691		2698

2017		436750000		1870		2985

2018		481600000		2062		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6981		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	783	825	1249

International	217	175	347

Un-Allocated		-596

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1245350000		333780551		533		417		851

GE		GrowthVenture (10 to 40)		681000000		306969590		292		384		465

SS		Special Situations (5 to 35)		408750000		159160145		175		199		279

	Un-Allocated						-596

	Total		2335100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-5958

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Manager	Strategy		Commitment	Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date		of Target PE Allocation

HIG SPF	Buy-out		$300000000	Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years		$32798964		BO 1		BO		128		205

Tritium	Buy-out		$110000000		$54401398		BO 2		BO		47		75

Searchlight	Buy-out		$97000000		$36050169		BO 3		BO		42		66

Marlin	Buy-out		$71250000		$27597109		BO 4		BO		31		49

Altaris	Buy-out		$62500000		$32363036		BO 5		BO		27		43

Northlane	Buy-out		$60000000		$0		BO 6		BO		26		41

Capital Partners	Buy-out		$58000000		$15451080		BO 7		BO		25		40

Providence	Buy-out		$55000000		$4159147		BO 8		BO		24		38

Dunes Point	Buy-out		$50000000		$10655698		BO 9		BO		21		34

GTCR	Buy-out		$50000000		$12166313		BO 10		BO		21		34

Reverence	Buy-out		$50000000		$17469665		BO 11		BO		21		34

Arcline	Buy-out		$50000000		$0		BO 12		BO		21		34

CapVest	Buy-out		$46600000		$0		BO 13		BO		20		32

One Rock	Buy-out		$45000000		$26210958		BO 14		BO		19		31

Parthenon	Buy-out		$45000000			BO 15		BO

Incline	Buy-out		$40000000		$22726805		BO 16		BO		17		27

Kainos	Buy-out		$35000000		$24247438		BO 17		BO		15		24

Harvest	Buy-out		$20000000		$17482770		BO 18		BO		09		14

PSG	Venture Growth		$180000000		$118146622		GE 1		GE		77		123

Foundry	Venture Growth		$175000000		$43626459		GE 2		GE		75		120

Updata	Venture Growth		$125000000		$64293595		GE 3		GE		54		85

FTV	Venture Growth		$121000000		$43482202		GE 4		GE		52		83

Main Post	Venture Growth		$40000000		$3765454		GE 5		GE		17		27

Mercato	Venture Growth		$40000000		$33655258		GE 6		GE		17		27

TSSP	Special Situations		$150000000		$57061764		SS 1		SS		64		103

GSO	Special Situations		$93750000		$43903087		SS 2		SS		40		64

Carlyle	Special Situations		$65000000		$30476347		SS 3		SS		28		44

HIG Bayside	Special Situations		$60000000		$22204325		SS 4		SS		26		41

LightBay	Special Situations		$40000000		$5514622		SS 5		SS		17		27

Total		$2335100000		$799910286				9807		15651

					CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		2		1		3		1

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		4		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		3		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		2		1		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		3		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		3		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		3		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2335100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-5958


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year	AUM	Net Growth Rate	Implied Payout (assume 675 AUM growth)	Benefit Payout ($mm)

2018	29050396924

2019	30655961493	550	120	380

2020	32384009577	560	110	365

2021	34123041773	540	140	477

2022	35922282888	530	150	539

2023	37694455530	490	180	697

2024	39463267168	470	210	829

2025	41234373259	450	230	954

2026	43275861217	500	180	793

2027	45268676728	460	210	992

2028	46971376772	380	300	1447

2029	48844226102	400	280	1388

2030	50822447306	410	270	1410

2031	52742019621	380	300	1616

2032	54628992945	360	320	1790

2033	56451530726	330	340	1995

2034	58576503820	380	300	1803

2035	60640211459	350	320	2022

2036	62879058937	370	310	1983

2037	65007850601	340	340	2263

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E		2029E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619		$5268060

Target PE NAV				$143342		$138505		$156594		$331719		$350766		$370369		$390568		$411374		$432836		$455013		$477923		$501562		$526806

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)		($180000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000		$160000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672		$542448

Pacing per NAV				305		348		312		271		285		297		307		316		323		330		335		339		304


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104		103

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04		03


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776		$56957


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)		($86013)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554		$355594




	2433535		798792136		2565989737		5264522094		86630700		165015820		257609290		365078650		4806841325		584697160		866218100833333		961925898333333		103033793833333		110412948583333		132368313833333

	-002		-799		-2566		-5265		-8663		-16502		-25761		-36508		-48068		-58470		-86622		-96193		-103034		-110413		-132368

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619

Target PE NAV				$143342		$138505		$156594		$165860		$175383		$185185		$195284		$205687		$216418		$227507		$238962		$250781

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672

Pacing per NAV				305		348		312		543		570		594		614		632		647		659		670		678


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E

TMRS			$2902900		$2758912		$2915445		$3084389		$3256878		$3433238		$3613733		$3798325		$3987407		$4181410		$4380356

Target PE NAV			$145145		$137946		$145772		$154219		$162844		$171662		$180687		$189916		$199370		$209070		$219018

Distributions			($2500)		($7500)		($12500)		($20000)		($31700)		($39500)		($55875)		($70000)		($78750)		($78750)		($78750)

Private Equity NAV			$27150		$52500		$88130		$124558		$156255		$186019		$205151		$214646		$219075		$226354		$236280

Original Model			$48953		$79299		$114980		$149403		$173865		$188096		$195896		$199640		$201777

Annual Commitment	$31700		$39500		$44700		$50000		$52500		$52500		$52500		$55000		$60000		$62500		$65000		$65000		$65000

		308		362		360		340		322		320		332		329		326		311		297

Minus

PE of Plan			094		190		302		404		480		542		568		565		549		541		539

Plus			169		287		394		484		534		548		542		526		506

Target of Plan		5		5		5		5		5		5		5		5		5		5		5		5


PE	1300				(27816)		(26088)		(33449)		(40730)		(48008)		(55583)		(63050)		(70395)		(78032)		(86213)		(93803)

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS			$ 2902900		$ 2880000		$ 2995200		$ 3115008		$ 3239608		$ 3369193		$ 3503960		$ 3644119		$ 3789884

Target PE NAV			$ 145145		$ 144000		$ 149760		$ 155750		$ 161980		$ 168460		$ 175198		$ 182206		$ 189494

Distributions			$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (39500)		$ (55875)		$ (70000)		$ (78750)

Actual PE NAV			$ 27150		$ 55047		$ 89632		$ 124514		$ 151718		$ 176598		$ 193241		$ 200031		$ 201110

Original Model			$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		18809585710464		19589592210062		19963999392119		20177719328292

Annual Commitment	$317		$395		$447		$500		$525		$550		$575		$600		$635		$660	$675

		308		347		351		353		355		356		362		362		356

Minus

PE of Plan			094		191		299		400		468		524		551		549		531

Plus			169		275		384		480		537		558		559		548		532

Target of Plan			5		5		5		5		5		5		5		5		5


PE	1050

	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

Beginning NAV		14609962		16305676		17992494		18571294		20490599		22468634		23727478		236518112346		250933184929355		265684014912086		280726295918652		296006880893161		31146271535345


Costs (other cash flow)		18114		4981		-3285		-16664		10734		8346

Actual Income		610171		494700		424402		341039		293242		304804

Actual Capital Gains		873137		1001628		10363		1522241		1681646		98054		16609

Actual Cash flow		194292		185509		14732		72689		-7587		-34846		-92276


Candace cash flow estimate									-15499		-218716		-289139		-366844		-452463		-546679

Estimated Income									471582		534601		613836		704314		805849		896763

Estimated Capital Gains (Actuarial Return - Income)									1124916		1159198		1179531		1190588		1192197		1205610


Ending NAV		16305676		17992494		18571294		20490599		22468634		23727478		23651811		25093318		265684014912086		280726295918652		296006880893161		31146271535345		327019658639808

Yield		418		303		236		184		143		136		135		20		21		23		25		27		29

							Allocation

							Core		318		250		193		163		133		99

							Liquid credit		66		80		100		110		125		149

							Direct Lending		00		10		20		30		40		50

							US Equity		267		250		230		205		185		175

							Intl Equity		162		167		175		175		175		175

							Real Return		41		65		75		90		100		100

							Real Estate		62		75		85		95		100		100

							HF		81		90		100		100		100		100

							PE		00		10		20		30		40		50

							Cash		03		03		02		02		02		02

								1000		1000		1000		1000		1000		1000

							Yield

							Core		18		18		18		18		18		18

							Liquid credit		45		45		45		45		45		45

							Direct Lending		80		80		80		80		80		80

							US Equity		20		20		20		20		20		20

							Intl Equity		16		16		16		16		16		16

							Real Return		05		15		25		35		45		50

							Real Estate		50		50		50		50		50		50

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		03		03		03		03		03		03



							SUMMED

							Yield		0572400		05		03		03		02		02

							Core		03		04		05		05		06		07

							Liquid credit		00		01		02		02		03		04

							Direct Lending		05		05		05		04		04		04

							US Equity		03		03		03		03		03		03

							Intl Equity		00		01		02		03		05		05

							Real Return		03		04		04		05		05		05

							Real Estate		00		00		00		00		00		00

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		00		00		00		00		00		00

							TOTAL		20		21		23		25		27		29

	2015		2016E		2017E		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS		$ 2365181		$ 2503739		$ 2656840		$ 2807263		$ 2960069		$ 3114627		$ 3270197		$ 3416053		$ 3567084		$ 3718115		$ 3869146

Target PE NAV		$ 117986		$ 125187		$ 132842		$ 140363		$ 148003		$ 155731		$ 163510		$ 170803		$ 178354		$ 185906		$ 193457

Distributions		$ - 0		$ (500)		$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (45000)		$ (56250)		$ (63000)		$ (67500)

Actual PE NAV		$ 1739		$ 22500		$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		$ 188096		$ 195896		$ 199640		$ 201777


Annual Commitment		$317		$450		$450		$450		$450		$475		$475		$475		$500		$550		$600


Minus

Actual of Plan		007		090		184		282		388		480		532		551		549		537		522

Plus

Target of Plan		5		5		5		5		5		5		5		5		5		5		5


PE		1050

Page 3: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

Section I

3

4

Buy-out $75 million

Section II

5

$891

$1296

$1745

$2294

$2884

$3548

$4316

$4640

$4941

$5217

$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000

2

4

6

8

10

12

14

16

$-

$1000

$2000

$3000

$4000

$5000

$6000

2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

o

f Tot

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)

6

Chart2

of Total Plan Value

1H 2015

Staff Pacing Model

of Total Plan Value

Sheet1

1H 2017

Staff Pacing Model

of Total Plan Value

1H 2018

of Total Plan Value

1H 2019

of Total Plan Value

1H 2020

of Total Plan Value

Trust futur proj

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60

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80

90

100

o

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Pla

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HIG SPF ($75mm)

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section III

8

540302

158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1358		2166

2016		394750000		1691		2698

2017		436750000		1870		2985

2018		481600000		2062		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6981		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	783	825	1249

International	217	175	347

Un-Allocated		-596

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1245350000		333780551		533		417		851

GE		GrowthVenture (10 to 40)		681000000		306969590		292		384		465

SS		Special Situations (5 to 35)		408750000		159160145		175		199		279

	Un-Allocated						-596

	Total		2335100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-5958

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Manager	Strategy		Commitment	Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date		of Target PE Allocation

HIG SPF	Buy-out		$300000000	Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years		$32798964		BO 1		BO		128		205

Tritium	Buy-out		$110000000		$54401398		BO 2		BO		47		75

Searchlight	Buy-out		$97000000		$36050169		BO 3		BO		42		66

Marlin	Buy-out		$71250000		$27597109		BO 4		BO		31		49

Altaris	Buy-out		$62500000		$32363036		BO 5		BO		27		43

Northlane	Buy-out		$60000000		$0		BO 6		BO		26		41

Capital Partners	Buy-out		$58000000		$15451080		BO 7		BO		25		40

Providence	Buy-out		$55000000		$4159147		BO 8		BO		24		38

Dunes Point	Buy-out		$50000000		$10655698		BO 9		BO		21		34

GTCR	Buy-out		$50000000		$12166313		BO 10		BO		21		34

Reverence	Buy-out		$50000000		$17469665		BO 11		BO		21		34

Arcline	Buy-out		$50000000		$0		BO 12		BO		21		34

CapVest	Buy-out		$46600000		$0		BO 13		BO		20		32

One Rock	Buy-out		$45000000		$26210958		BO 14		BO		19		31

Parthenon	Buy-out		$45000000			BO 15		BO

Incline	Buy-out		$40000000		$22726805		BO 16		BO		17		27

Kainos	Buy-out		$35000000		$24247438		BO 17		BO		15		24

Harvest	Buy-out		$20000000		$17482770		BO 18		BO		09		14

PSG	Venture Growth		$180000000		$118146622		GE 1		GE		77		123

Foundry	Venture Growth		$175000000		$43626459		GE 2		GE		75		120

Updata	Venture Growth		$125000000		$64293595		GE 3		GE		54		85

FTV	Venture Growth		$121000000		$43482202		GE 4		GE		52		83

Main Post	Venture Growth		$40000000		$3765454		GE 5		GE		17		27

Mercato	Venture Growth		$40000000		$33655258		GE 6		GE		17		27

TSSP	Special Situations		$150000000		$57061764		SS 1		SS		64		103

GSO	Special Situations		$93750000		$43903087		SS 2		SS		40		64

Carlyle	Special Situations		$65000000		$30476347		SS 3		SS		28		44

HIG Bayside	Special Situations		$60000000		$22204325		SS 4		SS		26		41

LightBay	Special Situations		$40000000		$5514622		SS 5		SS		17		27

Total		$2335100000		$799910286				9807		15651

					CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		2		1		3		1

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		4		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		3		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		2		1		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		3		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		3		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		3		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2335100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-5958


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year	AUM	Net Growth Rate	Implied Payout (assume 675 AUM growth)	Benefit Payout ($mm)

2018	29050396924

2019	30655961493	550	120	380

2020	32384009577	560	110	365

2021	34123041773	540	140	477

2022	35922282888	530	150	539

2023	37694455530	490	180	697

2024	39463267168	470	210	829

2025	41234373259	450	230	954

2026	43275861217	500	180	793

2027	45268676728	460	210	992

2028	46971376772	380	300	1447

2029	48844226102	400	280	1388

2030	50822447306	410	270	1410

2031	52742019621	380	300	1616

2032	54628992945	360	320	1790

2033	56451530726	330	340	1995

2034	58576503820	380	300	1803

2035	60640211459	350	320	2022

2036	62879058937	370	310	1983

2037	65007850601	340	340	2263

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E		2029E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619		$5268060

Target PE NAV				$143342		$138505		$156594		$331719		$350766		$370369		$390568		$411374		$432836		$455013		$477923		$501562		$526806

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)		($180000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000		$160000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672		$542448

Pacing per NAV				305		348		312		271		285		297		307		316		323		330		335		339		304


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104		103

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04		03


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776		$56957


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)		($86013)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554		$355594




	2433535		798792136		2565989737		5264522094		86630700		165015820		257609290		365078650		4806841325		584697160		866218100833333		961925898333333		103033793833333		110412948583333		132368313833333

	-002		-799		-2566		-5265		-8663		-16502		-25761		-36508		-48068		-58470		-86622		-96193		-103034		-110413		-132368

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619

Target PE NAV				$143342		$138505		$156594		$165860		$175383		$185185		$195284		$205687		$216418		$227507		$238962		$250781

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672

Pacing per NAV				305		348		312		543		570		594		614		632		647		659		670		678


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E

TMRS			$2902900		$2758912		$2915445		$3084389		$3256878		$3433238		$3613733		$3798325		$3987407		$4181410		$4380356

Target PE NAV			$145145		$137946		$145772		$154219		$162844		$171662		$180687		$189916		$199370		$209070		$219018

Distributions			($2500)		($7500)		($12500)		($20000)		($31700)		($39500)		($55875)		($70000)		($78750)		($78750)		($78750)

Private Equity NAV			$27150		$52500		$88130		$124558		$156255		$186019		$205151		$214646		$219075		$226354		$236280

Original Model			$48953		$79299		$114980		$149403		$173865		$188096		$195896		$199640		$201777

Annual Commitment	$31700		$39500		$44700		$50000		$52500		$52500		$52500		$55000		$60000		$62500		$65000		$65000		$65000

		308		362		360		340		322		320		332		329		326		311		297

Minus

PE of Plan			094		190		302		404		480		542		568		565		549		541		539

Plus			169		287		394		484		534		548		542		526		506

Target of Plan		5		5		5		5		5		5		5		5		5		5		5		5


PE	1300				(27816)		(26088)		(33449)		(40730)		(48008)		(55583)		(63050)		(70395)		(78032)		(86213)		(93803)

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS			$ 2902900		$ 2880000		$ 2995200		$ 3115008		$ 3239608		$ 3369193		$ 3503960		$ 3644119		$ 3789884

Target PE NAV			$ 145145		$ 144000		$ 149760		$ 155750		$ 161980		$ 168460		$ 175198		$ 182206		$ 189494

Distributions			$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (39500)		$ (55875)		$ (70000)		$ (78750)

Actual PE NAV			$ 27150		$ 55047		$ 89632		$ 124514		$ 151718		$ 176598		$ 193241		$ 200031		$ 201110

Original Model			$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		18809585710464		19589592210062		19963999392119		20177719328292

Annual Commitment	$317		$395		$447		$500		$525		$550		$575		$600		$635		$660	$675

		308		347		351		353		355		356		362		362		356

Minus

PE of Plan			094		191		299		400		468		524		551		549		531

Plus			169		275		384		480		537		558		559		548		532

Target of Plan			5		5		5		5		5		5		5		5		5


PE	1050

	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

Beginning NAV		14609962		16305676		17992494		18571294		20490599		22468634		23727478		236518112346		250933184929355		265684014912086		280726295918652		296006880893161		31146271535345


Costs (other cash flow)		18114		4981		-3285		-16664		10734		8346

Actual Income		610171		494700		424402		341039		293242		304804

Actual Capital Gains		873137		1001628		10363		1522241		1681646		98054		16609

Actual Cash flow		194292		185509		14732		72689		-7587		-34846		-92276


Candace cash flow estimate									-15499		-218716		-289139		-366844		-452463		-546679

Estimated Income									471582		534601		613836		704314		805849		896763

Estimated Capital Gains (Actuarial Return - Income)									1124916		1159198		1179531		1190588		1192197		1205610


Ending NAV		16305676		17992494		18571294		20490599		22468634		23727478		23651811		25093318		265684014912086		280726295918652		296006880893161		31146271535345		327019658639808

Yield		418		303		236		184		143		136		135		20		21		23		25		27		29

							Allocation

							Core		318		250		193		163		133		99

							Liquid credit		66		80		100		110		125		149

							Direct Lending		00		10		20		30		40		50

							US Equity		267		250		230		205		185		175

							Intl Equity		162		167		175		175		175		175

							Real Return		41		65		75		90		100		100

							Real Estate		62		75		85		95		100		100

							HF		81		90		100		100		100		100

							PE		00		10		20		30		40		50

							Cash		03		03		02		02		02		02

								1000		1000		1000		1000		1000		1000

							Yield

							Core		18		18		18		18		18		18

							Liquid credit		45		45		45		45		45		45

							Direct Lending		80		80		80		80		80		80

							US Equity		20		20		20		20		20		20

							Intl Equity		16		16		16		16		16		16

							Real Return		05		15		25		35		45		50

							Real Estate		50		50		50		50		50		50

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		03		03		03		03		03		03



							SUMMED

							Yield		0572400		05		03		03		02		02

							Core		03		04		05		05		06		07

							Liquid credit		00		01		02		02		03		04

							Direct Lending		05		05		05		04		04		04

							US Equity		03		03		03		03		03		03

							Intl Equity		00		01		02		03		05		05

							Real Return		03		04		04		05		05		05

							Real Estate		00		00		00		00		00		00

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		00		00		00		00		00		00

							TOTAL		20		21		23		25		27		29

	2015		2016E		2017E		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS		$ 2365181		$ 2503739		$ 2656840		$ 2807263		$ 2960069		$ 3114627		$ 3270197		$ 3416053		$ 3567084		$ 3718115		$ 3869146

Target PE NAV		$ 117986		$ 125187		$ 132842		$ 140363		$ 148003		$ 155731		$ 163510		$ 170803		$ 178354		$ 185906		$ 193457

Distributions		$ - 0		$ (500)		$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (45000)		$ (56250)		$ (63000)		$ (67500)

Actual PE NAV		$ 1739		$ 22500		$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		$ 188096		$ 195896		$ 199640		$ 201777


Annual Commitment		$317		$450		$450		$450		$450		$475		$475		$475		$500		$550		$600


Minus

Actual of Plan		007		090		184		282		388		480		532		551		549		537		522

Plus

Target of Plan		5		5		5		5		5		5		5		5		5		5		5


PE		1050

Page 4: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

4

Buy-out $75 million

Section II

5

$891

$1296

$1745

$2294

$2884

$3548

$4316

$4640

$4941

$5217

$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000

2

4

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16

$-

$1000

$2000

$3000

$4000

$5000

$6000

2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

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Staff Pacing Model

of Total Plan Value

Sheet1

1H 2017

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1H 2018

of Total Plan Value

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of Total Plan Value

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of Total Plan Value

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HIG SPF ($75mm)

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section III

8

540302

158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1358		2166

2016		394750000		1691		2698

2017		436750000		1870		2985

2018		481600000		2062		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6981		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	783	825	1249

International	217	175	347

Un-Allocated		-596

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1245350000		333780551		533		417		851

GE		GrowthVenture (10 to 40)		681000000		306969590		292		384		465

SS		Special Situations (5 to 35)		408750000		159160145		175		199		279

	Un-Allocated						-596

	Total		2335100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-5958

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Manager	Strategy		Commitment	Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date		of Target PE Allocation

HIG SPF	Buy-out		$300000000	Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years		$32798964		BO 1		BO		128		205

Tritium	Buy-out		$110000000		$54401398		BO 2		BO		47		75

Searchlight	Buy-out		$97000000		$36050169		BO 3		BO		42		66

Marlin	Buy-out		$71250000		$27597109		BO 4		BO		31		49

Altaris	Buy-out		$62500000		$32363036		BO 5		BO		27		43

Northlane	Buy-out		$60000000		$0		BO 6		BO		26		41

Capital Partners	Buy-out		$58000000		$15451080		BO 7		BO		25		40

Providence	Buy-out		$55000000		$4159147		BO 8		BO		24		38

Dunes Point	Buy-out		$50000000		$10655698		BO 9		BO		21		34

GTCR	Buy-out		$50000000		$12166313		BO 10		BO		21		34

Reverence	Buy-out		$50000000		$17469665		BO 11		BO		21		34

Arcline	Buy-out		$50000000		$0		BO 12		BO		21		34

CapVest	Buy-out		$46600000		$0		BO 13		BO		20		32

One Rock	Buy-out		$45000000		$26210958		BO 14		BO		19		31

Parthenon	Buy-out		$45000000			BO 15		BO

Incline	Buy-out		$40000000		$22726805		BO 16		BO		17		27

Kainos	Buy-out		$35000000		$24247438		BO 17		BO		15		24

Harvest	Buy-out		$20000000		$17482770		BO 18		BO		09		14

PSG	Venture Growth		$180000000		$118146622		GE 1		GE		77		123

Foundry	Venture Growth		$175000000		$43626459		GE 2		GE		75		120

Updata	Venture Growth		$125000000		$64293595		GE 3		GE		54		85

FTV	Venture Growth		$121000000		$43482202		GE 4		GE		52		83

Main Post	Venture Growth		$40000000		$3765454		GE 5		GE		17		27

Mercato	Venture Growth		$40000000		$33655258		GE 6		GE		17		27

TSSP	Special Situations		$150000000		$57061764		SS 1		SS		64		103

GSO	Special Situations		$93750000		$43903087		SS 2		SS		40		64

Carlyle	Special Situations		$65000000		$30476347		SS 3		SS		28		44

HIG Bayside	Special Situations		$60000000		$22204325		SS 4		SS		26		41

LightBay	Special Situations		$40000000		$5514622		SS 5		SS		17		27

Total		$2335100000		$799910286				9807		15651

					CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		2		1		3		1

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		4		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		3		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		2		1		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		3		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		3		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		3		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2335100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-5958


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year	AUM	Net Growth Rate	Implied Payout (assume 675 AUM growth)	Benefit Payout ($mm)

2018	29050396924

2019	30655961493	550	120	380

2020	32384009577	560	110	365

2021	34123041773	540	140	477

2022	35922282888	530	150	539

2023	37694455530	490	180	697

2024	39463267168	470	210	829

2025	41234373259	450	230	954

2026	43275861217	500	180	793

2027	45268676728	460	210	992

2028	46971376772	380	300	1447

2029	48844226102	400	280	1388

2030	50822447306	410	270	1410

2031	52742019621	380	300	1616

2032	54628992945	360	320	1790

2033	56451530726	330	340	1995

2034	58576503820	380	300	1803

2035	60640211459	350	320	2022

2036	62879058937	370	310	1983

2037	65007850601	340	340	2263

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E		2029E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619		$5268060

Target PE NAV				$143342		$138505		$156594		$331719		$350766		$370369		$390568		$411374		$432836		$455013		$477923		$501562		$526806

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)		($180000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000		$160000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672		$542448

Pacing per NAV				305		348		312		271		285		297		307		316		323		330		335		339		304


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104		103

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04		03


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776		$56957


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)		($86013)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554		$355594




	2433535		798792136		2565989737		5264522094		86630700		165015820		257609290		365078650		4806841325		584697160		866218100833333		961925898333333		103033793833333		110412948583333		132368313833333

	-002		-799		-2566		-5265		-8663		-16502		-25761		-36508		-48068		-58470		-86622		-96193		-103034		-110413		-132368

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619

Target PE NAV				$143342		$138505		$156594		$165860		$175383		$185185		$195284		$205687		$216418		$227507		$238962		$250781

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672

Pacing per NAV				305		348		312		543		570		594		614		632		647		659		670		678


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E

TMRS			$2902900		$2758912		$2915445		$3084389		$3256878		$3433238		$3613733		$3798325		$3987407		$4181410		$4380356

Target PE NAV			$145145		$137946		$145772		$154219		$162844		$171662		$180687		$189916		$199370		$209070		$219018

Distributions			($2500)		($7500)		($12500)		($20000)		($31700)		($39500)		($55875)		($70000)		($78750)		($78750)		($78750)

Private Equity NAV			$27150		$52500		$88130		$124558		$156255		$186019		$205151		$214646		$219075		$226354		$236280

Original Model			$48953		$79299		$114980		$149403		$173865		$188096		$195896		$199640		$201777

Annual Commitment	$31700		$39500		$44700		$50000		$52500		$52500		$52500		$55000		$60000		$62500		$65000		$65000		$65000

		308		362		360		340		322		320		332		329		326		311		297

Minus

PE of Plan			094		190		302		404		480		542		568		565		549		541		539

Plus			169		287		394		484		534		548		542		526		506

Target of Plan		5		5		5		5		5		5		5		5		5		5		5		5


PE	1300				(27816)		(26088)		(33449)		(40730)		(48008)		(55583)		(63050)		(70395)		(78032)		(86213)		(93803)

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS			$ 2902900		$ 2880000		$ 2995200		$ 3115008		$ 3239608		$ 3369193		$ 3503960		$ 3644119		$ 3789884

Target PE NAV			$ 145145		$ 144000		$ 149760		$ 155750		$ 161980		$ 168460		$ 175198		$ 182206		$ 189494

Distributions			$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (39500)		$ (55875)		$ (70000)		$ (78750)

Actual PE NAV			$ 27150		$ 55047		$ 89632		$ 124514		$ 151718		$ 176598		$ 193241		$ 200031		$ 201110

Original Model			$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		18809585710464		19589592210062		19963999392119		20177719328292

Annual Commitment	$317		$395		$447		$500		$525		$550		$575		$600		$635		$660	$675

		308		347		351		353		355		356		362		362		356

Minus

PE of Plan			094		191		299		400		468		524		551		549		531

Plus			169		275		384		480		537		558		559		548		532

Target of Plan			5		5		5		5		5		5		5		5		5


PE	1050

	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

Beginning NAV		14609962		16305676		17992494		18571294		20490599		22468634		23727478		236518112346		250933184929355		265684014912086		280726295918652		296006880893161		31146271535345


Costs (other cash flow)		18114		4981		-3285		-16664		10734		8346

Actual Income		610171		494700		424402		341039		293242		304804

Actual Capital Gains		873137		1001628		10363		1522241		1681646		98054		16609

Actual Cash flow		194292		185509		14732		72689		-7587		-34846		-92276


Candace cash flow estimate									-15499		-218716		-289139		-366844		-452463		-546679

Estimated Income									471582		534601		613836		704314		805849		896763

Estimated Capital Gains (Actuarial Return - Income)									1124916		1159198		1179531		1190588		1192197		1205610


Ending NAV		16305676		17992494		18571294		20490599		22468634		23727478		23651811		25093318		265684014912086		280726295918652		296006880893161		31146271535345		327019658639808

Yield		418		303		236		184		143		136		135		20		21		23		25		27		29

							Allocation

							Core		318		250		193		163		133		99

							Liquid credit		66		80		100		110		125		149

							Direct Lending		00		10		20		30		40		50

							US Equity		267		250		230		205		185		175

							Intl Equity		162		167		175		175		175		175

							Real Return		41		65		75		90		100		100

							Real Estate		62		75		85		95		100		100

							HF		81		90		100		100		100		100

							PE		00		10		20		30		40		50

							Cash		03		03		02		02		02		02

								1000		1000		1000		1000		1000		1000

							Yield

							Core		18		18		18		18		18		18

							Liquid credit		45		45		45		45		45		45

							Direct Lending		80		80		80		80		80		80

							US Equity		20		20		20		20		20		20

							Intl Equity		16		16		16		16		16		16

							Real Return		05		15		25		35		45		50

							Real Estate		50		50		50		50		50		50

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		03		03		03		03		03		03



							SUMMED

							Yield		0572400		05		03		03		02		02

							Core		03		04		05		05		06		07

							Liquid credit		00		01		02		02		03		04

							Direct Lending		05		05		05		04		04		04

							US Equity		03		03		03		03		03		03

							Intl Equity		00		01		02		03		05		05

							Real Return		03		04		04		05		05		05

							Real Estate		00		00		00		00		00		00

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		00		00		00		00		00		00

							TOTAL		20		21		23		25		27		29

	2015		2016E		2017E		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS		$ 2365181		$ 2503739		$ 2656840		$ 2807263		$ 2960069		$ 3114627		$ 3270197		$ 3416053		$ 3567084		$ 3718115		$ 3869146

Target PE NAV		$ 117986		$ 125187		$ 132842		$ 140363		$ 148003		$ 155731		$ 163510		$ 170803		$ 178354		$ 185906		$ 193457

Distributions		$ - 0		$ (500)		$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (45000)		$ (56250)		$ (63000)		$ (67500)

Actual PE NAV		$ 1739		$ 22500		$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		$ 188096		$ 195896		$ 199640		$ 201777


Annual Commitment		$317		$450		$450		$450		$450		$475		$475		$475		$500		$550		$600


Minus

Actual of Plan		007		090		184		282		388		480		532		551		549		537		522

Plus

Target of Plan		5		5		5		5		5		5		5		5		5		5		5


PE		1050

Page 5: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

Section II

5

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$1296

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$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000

2

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$1000

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Chart2

of Total Plan Value

1H 2015

Staff Pacing Model

of Total Plan Value

Sheet1

1H 2017

Staff Pacing Model

of Total Plan Value

1H 2018

of Total Plan Value

1H 2019

of Total Plan Value

1H 2020

of Total Plan Value

Trust futur proj

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HIG SPF ($75mm)

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section III

8

540302

158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1358		2166

2016		394750000		1691		2698

2017		436750000		1870		2985

2018		481600000		2062		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6981		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	783	825	1249

International	217	175	347

Un-Allocated		-596

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1245350000		333780551		533		417		851

GE		GrowthVenture (10 to 40)		681000000		306969590		292		384		465

SS		Special Situations (5 to 35)		408750000		159160145		175		199		279

	Un-Allocated						-596

	Total		2335100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-5958

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Manager	Strategy		Commitment	Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date		of Target PE Allocation

HIG SPF	Buy-out		$300000000	Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years		$32798964		BO 1		BO		128		205

Tritium	Buy-out		$110000000		$54401398		BO 2		BO		47		75

Searchlight	Buy-out		$97000000		$36050169		BO 3		BO		42		66

Marlin	Buy-out		$71250000		$27597109		BO 4		BO		31		49

Altaris	Buy-out		$62500000		$32363036		BO 5		BO		27		43

Northlane	Buy-out		$60000000		$0		BO 6		BO		26		41

Capital Partners	Buy-out		$58000000		$15451080		BO 7		BO		25		40

Providence	Buy-out		$55000000		$4159147		BO 8		BO		24		38

Dunes Point	Buy-out		$50000000		$10655698		BO 9		BO		21		34

GTCR	Buy-out		$50000000		$12166313		BO 10		BO		21		34

Reverence	Buy-out		$50000000		$17469665		BO 11		BO		21		34

Arcline	Buy-out		$50000000		$0		BO 12		BO		21		34

CapVest	Buy-out		$46600000		$0		BO 13		BO		20		32

One Rock	Buy-out		$45000000		$26210958		BO 14		BO		19		31

Parthenon	Buy-out		$45000000			BO 15		BO

Incline	Buy-out		$40000000		$22726805		BO 16		BO		17		27

Kainos	Buy-out		$35000000		$24247438		BO 17		BO		15		24

Harvest	Buy-out		$20000000		$17482770		BO 18		BO		09		14

PSG	Venture Growth		$180000000		$118146622		GE 1		GE		77		123

Foundry	Venture Growth		$175000000		$43626459		GE 2		GE		75		120

Updata	Venture Growth		$125000000		$64293595		GE 3		GE		54		85

FTV	Venture Growth		$121000000		$43482202		GE 4		GE		52		83

Main Post	Venture Growth		$40000000		$3765454		GE 5		GE		17		27

Mercato	Venture Growth		$40000000		$33655258		GE 6		GE		17		27

TSSP	Special Situations		$150000000		$57061764		SS 1		SS		64		103

GSO	Special Situations		$93750000		$43903087		SS 2		SS		40		64

Carlyle	Special Situations		$65000000		$30476347		SS 3		SS		28		44

HIG Bayside	Special Situations		$60000000		$22204325		SS 4		SS		26		41

LightBay	Special Situations		$40000000		$5514622		SS 5		SS		17		27

Total		$2335100000		$799910286				9807		15651

					CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		2		1		3		1

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		4		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		3		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		2		1		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		3		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		3		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		3		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2335100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-5958


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year	AUM	Net Growth Rate	Implied Payout (assume 675 AUM growth)	Benefit Payout ($mm)

2018	29050396924

2019	30655961493	550	120	380

2020	32384009577	560	110	365

2021	34123041773	540	140	477

2022	35922282888	530	150	539

2023	37694455530	490	180	697

2024	39463267168	470	210	829

2025	41234373259	450	230	954

2026	43275861217	500	180	793

2027	45268676728	460	210	992

2028	46971376772	380	300	1447

2029	48844226102	400	280	1388

2030	50822447306	410	270	1410

2031	52742019621	380	300	1616

2032	54628992945	360	320	1790

2033	56451530726	330	340	1995

2034	58576503820	380	300	1803

2035	60640211459	350	320	2022

2036	62879058937	370	310	1983

2037	65007850601	340	340	2263

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E		2029E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619		$5268060

Target PE NAV				$143342		$138505		$156594		$331719		$350766		$370369		$390568		$411374		$432836		$455013		$477923		$501562		$526806

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)		($180000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000		$160000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672		$542448

Pacing per NAV				305		348		312		271		285		297		307		316		323		330		335		339		304


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104		103

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04		03


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776		$56957


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)		($86013)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554		$355594




	2433535		798792136		2565989737		5264522094		86630700		165015820		257609290		365078650		4806841325		584697160		866218100833333		961925898333333		103033793833333		110412948583333		132368313833333

	-002		-799		-2566		-5265		-8663		-16502		-25761		-36508		-48068		-58470		-86622		-96193		-103034		-110413		-132368

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619

Target PE NAV				$143342		$138505		$156594		$165860		$175383		$185185		$195284		$205687		$216418		$227507		$238962		$250781

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672

Pacing per NAV				305		348		312		543		570		594		614		632		647		659		670		678


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E

TMRS			$2902900		$2758912		$2915445		$3084389		$3256878		$3433238		$3613733		$3798325		$3987407		$4181410		$4380356

Target PE NAV			$145145		$137946		$145772		$154219		$162844		$171662		$180687		$189916		$199370		$209070		$219018

Distributions			($2500)		($7500)		($12500)		($20000)		($31700)		($39500)		($55875)		($70000)		($78750)		($78750)		($78750)

Private Equity NAV			$27150		$52500		$88130		$124558		$156255		$186019		$205151		$214646		$219075		$226354		$236280

Original Model			$48953		$79299		$114980		$149403		$173865		$188096		$195896		$199640		$201777

Annual Commitment	$31700		$39500		$44700		$50000		$52500		$52500		$52500		$55000		$60000		$62500		$65000		$65000		$65000

		308		362		360		340		322		320		332		329		326		311		297

Minus

PE of Plan			094		190		302		404		480		542		568		565		549		541		539

Plus			169		287		394		484		534		548		542		526		506

Target of Plan		5		5		5		5		5		5		5		5		5		5		5		5


PE	1300				(27816)		(26088)		(33449)		(40730)		(48008)		(55583)		(63050)		(70395)		(78032)		(86213)		(93803)

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS			$ 2902900		$ 2880000		$ 2995200		$ 3115008		$ 3239608		$ 3369193		$ 3503960		$ 3644119		$ 3789884

Target PE NAV			$ 145145		$ 144000		$ 149760		$ 155750		$ 161980		$ 168460		$ 175198		$ 182206		$ 189494

Distributions			$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (39500)		$ (55875)		$ (70000)		$ (78750)

Actual PE NAV			$ 27150		$ 55047		$ 89632		$ 124514		$ 151718		$ 176598		$ 193241		$ 200031		$ 201110

Original Model			$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		18809585710464		19589592210062		19963999392119		20177719328292

Annual Commitment	$317		$395		$447		$500		$525		$550		$575		$600		$635		$660	$675

		308		347		351		353		355		356		362		362		356

Minus

PE of Plan			094		191		299		400		468		524		551		549		531

Plus			169		275		384		480		537		558		559		548		532

Target of Plan			5		5		5		5		5		5		5		5		5


PE	1050

	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

Beginning NAV		14609962		16305676		17992494		18571294		20490599		22468634		23727478		236518112346		250933184929355		265684014912086		280726295918652		296006880893161		31146271535345


Costs (other cash flow)		18114		4981		-3285		-16664		10734		8346

Actual Income		610171		494700		424402		341039		293242		304804

Actual Capital Gains		873137		1001628		10363		1522241		1681646		98054		16609

Actual Cash flow		194292		185509		14732		72689		-7587		-34846		-92276


Candace cash flow estimate									-15499		-218716		-289139		-366844		-452463		-546679

Estimated Income									471582		534601		613836		704314		805849		896763

Estimated Capital Gains (Actuarial Return - Income)									1124916		1159198		1179531		1190588		1192197		1205610


Ending NAV		16305676		17992494		18571294		20490599		22468634		23727478		23651811		25093318		265684014912086		280726295918652		296006880893161		31146271535345		327019658639808

Yield		418		303		236		184		143		136		135		20		21		23		25		27		29

							Allocation

							Core		318		250		193		163		133		99

							Liquid credit		66		80		100		110		125		149

							Direct Lending		00		10		20		30		40		50

							US Equity		267		250		230		205		185		175

							Intl Equity		162		167		175		175		175		175

							Real Return		41		65		75		90		100		100

							Real Estate		62		75		85		95		100		100

							HF		81		90		100		100		100		100

							PE		00		10		20		30		40		50

							Cash		03		03		02		02		02		02

								1000		1000		1000		1000		1000		1000

							Yield

							Core		18		18		18		18		18		18

							Liquid credit		45		45		45		45		45		45

							Direct Lending		80		80		80		80		80		80

							US Equity		20		20		20		20		20		20

							Intl Equity		16		16		16		16		16		16

							Real Return		05		15		25		35		45		50

							Real Estate		50		50		50		50		50		50

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		03		03		03		03		03		03



							SUMMED

							Yield		0572400		05		03		03		02		02

							Core		03		04		05		05		06		07

							Liquid credit		00		01		02		02		03		04

							Direct Lending		05		05		05		04		04		04

							US Equity		03		03		03		03		03		03

							Intl Equity		00		01		02		03		05		05

							Real Return		03		04		04		05		05		05

							Real Estate		00		00		00		00		00		00

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		00		00		00		00		00		00

							TOTAL		20		21		23		25		27		29

	2015		2016E		2017E		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS		$ 2365181		$ 2503739		$ 2656840		$ 2807263		$ 2960069		$ 3114627		$ 3270197		$ 3416053		$ 3567084		$ 3718115		$ 3869146

Target PE NAV		$ 117986		$ 125187		$ 132842		$ 140363		$ 148003		$ 155731		$ 163510		$ 170803		$ 178354		$ 185906		$ 193457

Distributions		$ - 0		$ (500)		$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (45000)		$ (56250)		$ (63000)		$ (67500)

Actual PE NAV		$ 1739		$ 22500		$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		$ 188096		$ 195896		$ 199640		$ 201777


Annual Commitment		$317		$450		$450		$450		$450		$475		$475		$475		$500		$550		$600


Minus

Actual of Plan		007		090		184		282		388		480		532		551		549		537		522

Plus

Target of Plan		5		5		5		5		5		5		5		5		5		5		5


PE		1050

Page 6: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

$891

$1296

$1745

$2294

$2884

$3548

$4316

$4640

$4941

$5217

$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000

2

4

6

8

10

12

14

16

$-

$1000

$2000

$3000

$4000

$5000

$6000

2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E

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Valu

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(Mill

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6

Chart2

of Total Plan Value

1H 2015

Staff Pacing Model

of Total Plan Value

Sheet1

1H 2017

Staff Pacing Model

of Total Plan Value

1H 2018

of Total Plan Value

1H 2019

of Total Plan Value

1H 2020

of Total Plan Value

Trust futur proj

0

10

20

30

40

50

60

70

80

90

100

o

f Pa

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Pla

n Ut

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7

andor recommended

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HIG SPF ($75mm)

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section III

8

540302

158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1358		2166

2016		394750000		1691		2698

2017		436750000		1870		2985

2018		481600000		2062		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6981		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	783	825	1249

International	217	175	347

Un-Allocated		-596

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1245350000		333780551		533		417		851

GE		GrowthVenture (10 to 40)		681000000		306969590		292		384		465

SS		Special Situations (5 to 35)		408750000		159160145		175		199		279

	Un-Allocated						-596

	Total		2335100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-5958

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Manager	Strategy		Commitment	Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date		of Target PE Allocation

HIG SPF	Buy-out		$300000000	Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years		$32798964		BO 1		BO		128		205

Tritium	Buy-out		$110000000		$54401398		BO 2		BO		47		75

Searchlight	Buy-out		$97000000		$36050169		BO 3		BO		42		66

Marlin	Buy-out		$71250000		$27597109		BO 4		BO		31		49

Altaris	Buy-out		$62500000		$32363036		BO 5		BO		27		43

Northlane	Buy-out		$60000000		$0		BO 6		BO		26		41

Capital Partners	Buy-out		$58000000		$15451080		BO 7		BO		25		40

Providence	Buy-out		$55000000		$4159147		BO 8		BO		24		38

Dunes Point	Buy-out		$50000000		$10655698		BO 9		BO		21		34

GTCR	Buy-out		$50000000		$12166313		BO 10		BO		21		34

Reverence	Buy-out		$50000000		$17469665		BO 11		BO		21		34

Arcline	Buy-out		$50000000		$0		BO 12		BO		21		34

CapVest	Buy-out		$46600000		$0		BO 13		BO		20		32

One Rock	Buy-out		$45000000		$26210958		BO 14		BO		19		31

Parthenon	Buy-out		$45000000			BO 15		BO

Incline	Buy-out		$40000000		$22726805		BO 16		BO		17		27

Kainos	Buy-out		$35000000		$24247438		BO 17		BO		15		24

Harvest	Buy-out		$20000000		$17482770		BO 18		BO		09		14

PSG	Venture Growth		$180000000		$118146622		GE 1		GE		77		123

Foundry	Venture Growth		$175000000		$43626459		GE 2		GE		75		120

Updata	Venture Growth		$125000000		$64293595		GE 3		GE		54		85

FTV	Venture Growth		$121000000		$43482202		GE 4		GE		52		83

Main Post	Venture Growth		$40000000		$3765454		GE 5		GE		17		27

Mercato	Venture Growth		$40000000		$33655258		GE 6		GE		17		27

TSSP	Special Situations		$150000000		$57061764		SS 1		SS		64		103

GSO	Special Situations		$93750000		$43903087		SS 2		SS		40		64

Carlyle	Special Situations		$65000000		$30476347		SS 3		SS		28		44

HIG Bayside	Special Situations		$60000000		$22204325		SS 4		SS		26		41

LightBay	Special Situations		$40000000		$5514622		SS 5		SS		17		27

Total		$2335100000		$799910286				9807		15651

					CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		2		1		3		1

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		4		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		3		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		2		1		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		3		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		3		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		3		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2335100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-5958


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year	AUM	Net Growth Rate	Implied Payout (assume 675 AUM growth)	Benefit Payout ($mm)

2018	29050396924

2019	30655961493	550	120	380

2020	32384009577	560	110	365

2021	34123041773	540	140	477

2022	35922282888	530	150	539

2023	37694455530	490	180	697

2024	39463267168	470	210	829

2025	41234373259	450	230	954

2026	43275861217	500	180	793

2027	45268676728	460	210	992

2028	46971376772	380	300	1447

2029	48844226102	400	280	1388

2030	50822447306	410	270	1410

2031	52742019621	380	300	1616

2032	54628992945	360	320	1790

2033	56451530726	330	340	1995

2034	58576503820	380	300	1803

2035	60640211459	350	320	2022

2036	62879058937	370	310	1983

2037	65007850601	340	340	2263

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E		2029E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619		$5268060

Target PE NAV				$143342		$138505		$156594		$331719		$350766		$370369		$390568		$411374		$432836		$455013		$477923		$501562		$526806

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)		($180000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000		$160000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672		$542448

Pacing per NAV				305		348		312		271		285		297		307		316		323		330		335		339		304


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104		103

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04		03


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776		$56957


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)		($86013)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554		$355594




	2433535		798792136		2565989737		5264522094		86630700		165015820		257609290		365078650		4806841325		584697160		866218100833333		961925898333333		103033793833333		110412948583333		132368313833333

	-002		-799		-2566		-5265		-8663		-16502		-25761		-36508		-48068		-58470		-86622		-96193		-103034		-110413		-132368

	2015		2016		2017		2018		2019		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E		2028E

TMRS		$2372929		$2525383		$2866831		$2770094		$3131881		$3317195		$3507656		$3703693		$3905684		$4113735		$4328362		$4550132		$4779234		$5015619

Target PE NAV				$143342		$138505		$156594		$165860		$175383		$185185		$195284		$205687		$216418		$227507		$238962		$250781

Distributions		($002)		($799)		($2566)		($5265)		($8654)		($20000)		($31700)		($39475)		($54594)		($67434)		($73245)		($135000)		($150000)		($165000)

Annual Commitment		$31700		$39475		$43675		$48167		$48830		$90000		$100000		$110000		$120000		$130000		$140000		$150000		$160000		$170000

Private Equity NAV		$1303		$11649		$28890		$56893		$89091		$129628		$174526		$229391		$288408		$354757		$431561		$463975		$494093		$521672

Pacing per NAV				305		348		312		543		570		594		614		632		647		659		670		678


PE of Plan				10		21		28		39		50		62		74		86		100		102		103		104

Target of Plan			50		50		50		50		100		100		100		100		100		100		100		100		100

+-			-50		-40		-29		-22		-61		-50		-38		-26		-14		-00		02		03		04


PE NAV return		1050			$3033		$5974		$9355		$13611		$18325		$24086		$30283		$37249		$45314		$48717		$51880		$54776


Net plan distributions					($27816)		($26088)		($33449)		($40730)		($48008)		($55583)		($63050)		($70395)		($78032)		($86213)		($86113)

Plan Return		675			$193511		$186981		$211402		$223911		$236767		$249999		$263634		$277677		$292164		$307134		$322598		$338554

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E		2026E		2027E

TMRS			$2902900		$2758912		$2915445		$3084389		$3256878		$3433238		$3613733		$3798325		$3987407		$4181410		$4380356

Target PE NAV			$145145		$137946		$145772		$154219		$162844		$171662		$180687		$189916		$199370		$209070		$219018

Distributions			($2500)		($7500)		($12500)		($20000)		($31700)		($39500)		($55875)		($70000)		($78750)		($78750)		($78750)

Private Equity NAV			$27150		$52500		$88130		$124558		$156255		$186019		$205151		$214646		$219075		$226354		$236280

Original Model			$48953		$79299		$114980		$149403		$173865		$188096		$195896		$199640		$201777

Annual Commitment	$31700		$39500		$44700		$50000		$52500		$52500		$52500		$55000		$60000		$62500		$65000		$65000		$65000

		308		362		360		340		322		320		332		329		326		311		297

Minus

PE of Plan			094		190		302		404		480		542		568		565		549		541		539

Plus			169		287		394		484		534		548		542		526		506

Target of Plan		5		5		5		5		5		5		5		5		5		5		5		5


PE	1300				(27816)		(26088)		(33449)		(40730)		(48008)		(55583)		(63050)		(70395)		(78032)		(86213)		(93803)

		2017		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS			$ 2902900		$ 2880000		$ 2995200		$ 3115008		$ 3239608		$ 3369193		$ 3503960		$ 3644119		$ 3789884

Target PE NAV			$ 145145		$ 144000		$ 149760		$ 155750		$ 161980		$ 168460		$ 175198		$ 182206		$ 189494

Distributions			$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (39500)		$ (55875)		$ (70000)		$ (78750)

Actual PE NAV			$ 27150		$ 55047		$ 89632		$ 124514		$ 151718		$ 176598		$ 193241		$ 200031		$ 201110

Original Model			$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		18809585710464		19589592210062		19963999392119		20177719328292

Annual Commitment	$317		$395		$447		$500		$525		$550		$575		$600		$635		$660	$675

		308		347		351		353		355		356		362		362		356

Minus

PE of Plan			094		191		299		400		468		524		551		549		531

Plus			169		275		384		480		537		558		559		548		532

Target of Plan			5		5		5		5		5		5		5		5		5


PE	1050

	2009		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

Beginning NAV		14609962		16305676		17992494		18571294		20490599		22468634		23727478		236518112346		250933184929355		265684014912086		280726295918652		296006880893161		31146271535345


Costs (other cash flow)		18114		4981		-3285		-16664		10734		8346

Actual Income		610171		494700		424402		341039		293242		304804

Actual Capital Gains		873137		1001628		10363		1522241		1681646		98054		16609

Actual Cash flow		194292		185509		14732		72689		-7587		-34846		-92276


Candace cash flow estimate									-15499		-218716		-289139		-366844		-452463		-546679

Estimated Income									471582		534601		613836		704314		805849		896763

Estimated Capital Gains (Actuarial Return - Income)									1124916		1159198		1179531		1190588		1192197		1205610


Ending NAV		16305676		17992494		18571294		20490599		22468634		23727478		23651811		25093318		265684014912086		280726295918652		296006880893161		31146271535345		327019658639808

Yield		418		303		236		184		143		136		135		20		21		23		25		27		29

							Allocation

							Core		318		250		193		163		133		99

							Liquid credit		66		80		100		110		125		149

							Direct Lending		00		10		20		30		40		50

							US Equity		267		250		230		205		185		175

							Intl Equity		162		167		175		175		175		175

							Real Return		41		65		75		90		100		100

							Real Estate		62		75		85		95		100		100

							HF		81		90		100		100		100		100

							PE		00		10		20		30		40		50

							Cash		03		03		02		02		02		02

								1000		1000		1000		1000		1000		1000

							Yield

							Core		18		18		18		18		18		18

							Liquid credit		45		45		45		45		45		45

							Direct Lending		80		80		80		80		80		80

							US Equity		20		20		20		20		20		20

							Intl Equity		16		16		16		16		16		16

							Real Return		05		15		25		35		45		50

							Real Estate		50		50		50		50		50		50

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		03		03		03		03		03		03



							SUMMED

							Yield		0572400		05		03		03		02		02

							Core		03		04		05		05		06		07

							Liquid credit		00		01		02		02		03		04

							Direct Lending		05		05		05		04		04		04

							US Equity		03		03		03		03		03		03

							Intl Equity		00		01		02		03		05		05

							Real Return		03		04		04		05		05		05

							Real Estate		00		00		00		00		00		00

							HF		00		00		00		00		00		00

							PE		00		00		00		00		00		00

							Cash		00		00		00		00		00		00

							TOTAL		20		21		23		25		27		29

	2015		2016E		2017E		2018E		2019E		2020E		2021E		2022E		2023E		2024E		2025E

TMRS		$ 2365181		$ 2503739		$ 2656840		$ 2807263		$ 2960069		$ 3114627		$ 3270197		$ 3416053		$ 3567084		$ 3718115		$ 3869146

Target PE NAV		$ 117986		$ 125187		$ 132842		$ 140363		$ 148003		$ 155731		$ 163510		$ 170803		$ 178354		$ 185906		$ 193457

Distributions		$ - 0		$ (500)		$ (2500)		$ (7500)		$ (12500)		$ (20000)		($317)		$ (45000)		$ (56250)		$ (63000)		$ (67500)

Actual PE NAV		$ 1739		$ 22500		$ 48953		$ 79299		$ 114980		$ 149403		$ 173865		$ 188096		$ 195896		$ 199640		$ 201777


Annual Commitment		$317		$450		$450		$450		$450		$475		$475		$475		$500		$550		$600


Minus

Actual of Plan		007		090		184		282		388		480		532		551		549		537		522

Plus

Target of Plan		5		5		5		5		5		5		5		5		5		5		5


PE		1050

Page 7: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

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HIG SPF ($75mm)

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section III

8

540302

158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1358		2166

2016		394750000		1691		2698

2017		436750000		1870		2985

2018		481600000		2062		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6981		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	783	825	1249

International	217	175	347

Un-Allocated		-596

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1245350000		333780551		533		417		851

GE		GrowthVenture (10 to 40)		681000000		306969590		292		384		465

SS		Special Situations (5 to 35)		408750000		159160145		175		199		279

	Un-Allocated						-596

	Total		2335100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-5958

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Manager	Strategy		Commitment	Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date		of Target PE Allocation

HIG SPF	Buy-out		$300000000	Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years		$32798964		BO 1		BO		128		205

Tritium	Buy-out		$110000000		$54401398		BO 2		BO		47		75

Searchlight	Buy-out		$97000000		$36050169		BO 3		BO		42		66

Marlin	Buy-out		$71250000		$27597109		BO 4		BO		31		49

Altaris	Buy-out		$62500000		$32363036		BO 5		BO		27		43

Northlane	Buy-out		$60000000		$0		BO 6		BO		26		41

Capital Partners	Buy-out		$58000000		$15451080		BO 7		BO		25		40

Providence	Buy-out		$55000000		$4159147		BO 8		BO		24		38

Dunes Point	Buy-out		$50000000		$10655698		BO 9		BO		21		34

GTCR	Buy-out		$50000000		$12166313		BO 10		BO		21		34

Reverence	Buy-out		$50000000		$17469665		BO 11		BO		21		34

Arcline	Buy-out		$50000000		$0		BO 12		BO		21		34

CapVest	Buy-out		$46600000		$0		BO 13		BO		20		32

One Rock	Buy-out		$45000000		$26210958		BO 14		BO		19		31

Parthenon	Buy-out		$45000000			BO 15		BO

Incline	Buy-out		$40000000		$22726805		BO 16		BO		17		27

Kainos	Buy-out		$35000000		$24247438		BO 17		BO		15		24

Harvest	Buy-out		$20000000		$17482770		BO 18		BO		09		14

PSG	Venture Growth		$180000000		$118146622		GE 1		GE		77		123

Foundry	Venture Growth		$175000000		$43626459		GE 2		GE		75		120

Updata	Venture Growth		$125000000		$64293595		GE 3		GE		54		85

FTV	Venture Growth		$121000000		$43482202		GE 4		GE		52		83

Main Post	Venture Growth		$40000000		$3765454		GE 5		GE		17		27

Mercato	Venture Growth		$40000000		$33655258		GE 6		GE		17		27

TSSP	Special Situations		$150000000		$57061764		SS 1		SS		64		103

GSO	Special Situations		$93750000		$43903087		SS 2		SS		40		64

Carlyle	Special Situations		$65000000		$30476347		SS 3		SS		28		44

HIG Bayside	Special Situations		$60000000		$22204325		SS 4		SS		26		41

LightBay	Special Situations		$40000000		$5514622		SS 5		SS		17		27

Total		$2335100000		$799910286				9807		15651

					CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		2		1		3		1

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		4		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		3		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		2		1		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		3		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		3		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		3		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2335100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-5958


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Page 8: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

Section III

8

540302

158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Page 9: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

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158

Buy-out (40 to75)

9

Chart1

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF

Manager

Strategy

Commitment

Portfolio Benchmark

NAV

Short Name

Strategy (Abbrev)

One Rock

HIG SPF

Buy-out

$300000000

BO 1

BO

116

205

Altaris

One Rock

Buy-out

$120000000

BO 2

BO

46

82

Tritium

Altaris

Buy-out

$137500000

BO 3

BO

53

94

Searchlight

Tritium

Buy-out

$110000000

BO 4

BO

43

75

Marlin

Searchlight

Buy-out

$97000000

BO 5

BO

38

66

Northlane

Marlin

Buy-out

$71250000

BO 6

BO

28

49

Capital Partners

Northlane

Buy-out

$60000000

BO 7

BO

23

41

Providence

Capital Partners

Buy-out

$58000000

BO 8

BO

22

40

Dunes Point

Providence

Buy-out

$55000000

BO 9

BO

21

38

GTCR

Dunes Point

Buy-out

$50000000

BO 10

BO

19

34

Reverence

GTCR

Buy-out

$50000000

BO 11

BO

19

34

Arcline

Reverence

Buy-out

$50000000

BO 12

BO

19

34

CapVest

Arcline

Buy-out

$50000000

BO 13

BO

19

34

Parthenon

CapVest

Buy-out

$46600000

BO 14

BO

18

32

Incline

Parthenon

Buy-out

$45000000

BO 15

BO

Kainos

Incline

Buy-out

$40000000

BO 16

BO

15

27

Harvest

Kainos

Buy-out

$35000000

BO 17

BO

14

24

Harvest

Buy-out

$20000000

BO 18

BO

08

14

PSG

Venture Growth

$180000000

GE 1

GE

70

123

Foundry

Venture Growth

$175000000

GE 2

GE

68

120

Updata

Venture Growth

$125000000

GE 3

GE

48

85

FTV

Venture Growth

$121000000

GE 4

GE

47

83

Insight

Venture Growth

$100000000

Main Post

Venture Growth

$40000000

GE 5

GE

15

27

Mercato

Venture Growth

$40000000

GE 6

GE

15

27

TSSP

Special Situations

$150000000

SS 1

SS

58

103

GSO

Special Situations

$93750000

SS 2

SS

36

64

Carlyle

Special Situations

$65000000

SS 3

SS

25

44

HIG Bayside

Special Situations

$60000000

SS 4

SS

23

41

LightBay

Special Situations

$40000000

SS 5

SS

15

27

Total

$2585100000

$0

9439

16676

CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Page 10: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

10

Chart2

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option

Page 11: Private Equity Recommendations • Board of Trustees Meeting ...non-control investments into carve-outs, break-ups, corporate partnerships, “take-privates”, and family/founder-owned

11

784

216

USA

International

Chart3

Instructions

Assumptions

Charts

Geography

Portfolio

Manager

Fund

2020 Pacing

2019 Pacing

2018 Pacing

Strategy

Geography

Year

Section IV

12

13

14

15

Section V

16

17

Recommendation

18

Agenda
Executive Summary
Slide Number 4
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 17

Year of Commit		Commitments		of Commitments to Date		of Target PE Allocation

2015		317000000		1226		2166

2016		394750000		1527		2698

2017		436750000		1689		2985

2018		481600000		1863		3291	ltltltTakes into account $75 mm of HIG SPF

Total		1630100000		6306		11140

	CHECK		CHECK		CHECK

Geography	of Commitments to Date	of NAV to Date	of Target PE Allocation

USA	784	825	1385

International	216	175	382

Un-Allocated		-767

Total	1000	1000	1000

	Strategy		Commitments		NAV		of Commitments to Date		of NAV to Date		of Target PE Allocation

BO		Buy-out (40 to 75)		1395350000		333780551		540		417		954

GE		GrowthVenture (10 to 40)		781000000		306969590		302		384		534

SS		Special Situations (5 to 35)		408750000		159160145		158		199		279

	Un-Allocated						-767

	Total		2585100000		799910286		1000		1000		1000

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1216		60		0

GrowthVenture		0		55		0		40		75

Special Situations		0		75		0		0		0

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500




Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		0		55		1766		2366		2366

GrowthVenture		0		55		55		95		170

Special Situations		0		75		75		75		75

Unallocated		500		315		1934		934		184


Target		500		500		500		500		500

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		600		00		450

GrowthVenture		00		833		00		750		00

Special Situations		00		00		00		00		00

Unallocated		4500		2167		1567		817		367


Target		525		525		525		525		525



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		75		2250		2850		2850		3300

GrowthVenture		0		833		833		1583		1583

Special Situations		0		00		00		00		00

Unallocated		450		2167		1567		817		367


Target		525		525		525		525		525

			3683

			07015873016

	Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		1500		00		00		00

GrowthVenture		333		1000		00		00		00

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900



Cumulative		Beg Year		Q1		Q2		Q3		End Year

Buy-out		750		2250		2250		2250		2250

GrowthVenture		333		1333		1333		1333		1333

Special Situations		00		00		00		00		00

Unallocated		7917		5417		5417		5417		5417


Target		900		900		900		900		900


					80006709754			321081669

					80006709754			321081669

Short Name		Commitments		of Commitments to Date		of Target PE Allocation

BO 01		ERRORREF		ERRORREF		ERRORREF

BO 02		ERRORREF		ERRORREF		ERRORREF

BO 03		ERRORREF		ERRORREF		ERRORREF

BO 04		ERRORREF		ERRORREF		ERRORREF

BO 05		ERRORREF		ERRORREF		ERRORREF

BO 06		ERRORREF		ERRORREF		ERRORREF

BO 07		ERRORREF		ERRORREF		ERRORREF

BO 08		ERRORREF		ERRORREF		ERRORREF

BO 09		ERRORREF		ERRORREF		ERRORREF

BO 10		ERRORREF		ERRORREF		ERRORREF

BO 11		ERRORREF		ERRORREF		ERRORREF

BO 12		ERRORREF		ERRORREF		ERRORREF

BO 13		ERRORREF		ERRORREF		ERRORREF

BO 14		ERRORREF		ERRORREF		ERRORREF

BO 15		ERRORREF		ERRORREF		ERRORREF

BO 16		ERRORREF		ERRORREF		ERRORREF

BO 17		ERRORREF		ERRORREF		ERRORREF

BO 18		ERRORREF		ERRORREF		ERRORREF

BO 19		ERRORREF		ERRORREF		ERRORREF

BO 20		ERRORREF		ERRORREF		ERRORREF

GE 01		ERRORREF		ERRORREF		ERRORREF

GE 02		ERRORREF		ERRORREF		ERRORREF

GE 03		ERRORREF		ERRORREF		ERRORREF

GE 04		ERRORREF		ERRORREF		ERRORREF

GE 05		ERRORREF		ERRORREF		ERRORREF

GE 06		ERRORREF		ERRORREF		ERRORREF

GE 07		ERRORREF		ERRORREF		ERRORREF

GE 08		ERRORREF		ERRORREF		ERRORREF

GE 09		ERRORREF		ERRORREF		ERRORREF

GE 10		ERRORREF		ERRORREF		ERRORREF

SS 01		ERRORREF		ERRORREF		ERRORREF

SS 02		ERRORREF		ERRORREF		ERRORREF

SS 03		ERRORREF		ERRORREF		ERRORREF

SS 04		ERRORREF		ERRORREF		ERRORREF

SS 05		ERRORREF		ERRORREF		ERRORREF

SS 06		ERRORREF		ERRORREF		ERRORREF

SS 07		ERRORREF		ERRORREF		ERRORREF

SS 08		ERRORREF		ERRORREF		ERRORREF

UA				-7667

Total		ERRORREF		ERRORREF		ERRORREF

	ERRORREF		ERRORREF		ERRORREF


Updated		Manager		Strategy		Commitment		Portfolio Benchmark		NAV		Short Name		Strategy (Abbrev)		of Commitments to Date	of Target PE Allocation

	HIG SPF		Buy-out		$300000000		Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years			BO 1		BO		116		205

X		Altaris		Buy-out		$137500000				BO 2		BO		53		94

X		One Rock		Buy-out		$120000000				BO 3		BO		46		82

	Tritium		Buy-out		$110000000				BO 4		BO		43		75

	Searchlight		Buy-out		$97000000				BO 5		BO		38		66

	Marlin		Buy-out		$71250000				BO 6		BO		28		49

	Northlane		Buy-out		$60000000				BO 7		BO		23		41

	Capital Partners		Buy-out		$58000000				BO 8		BO		22		40

	Providence		Buy-out		$55000000				BO 9		BO		21		38

	Dunes Point		Buy-out		$50000000				BO 10		BO		19		34

	GTCR		Buy-out		$50000000				BO 11		BO		19		34

	Reverence		Buy-out		$50000000				BO 12		BO		19		34

	Arcline		Buy-out		$50000000				BO 13		BO		19		34

	CapVest		Buy-out		$46600000				BO 14		BO		18		32

	Parthenon		Buy-out		$45000000				BO 15		BO

	Incline		Buy-out		$40000000				BO 16		BO		15		27

	Kainos		Buy-out		$35000000				BO 17		BO		14		24

	Harvest		Buy-out		$20000000				BO 18		BO		08		14

	PSG		Venture Growth		$180000000				GE 1		GE		70		123

	Foundry		Venture Growth		$175000000				GE 2		GE		68		120

	Updata		Venture Growth		$125000000				GE 3		GE		48		85

	FTV		Venture Growth		$121000000				GE 4		GE		47		83

X		Insight		Venture Growth		$100000000

	Main Post		Venture Growth		$40000000				GE 5		GE		15		27

	Mercato		Venture Growth		$40000000				GE 6		GE		15		27

	TSSP		Special Situations		$150000000				SS 1		SS		58		103

	GSO		Special Situations		$93750000				SS 2		SS		36		64

	Carlyle		Special Situations		$65000000				SS 3		SS		25		44

	HIG Bayside		Special Situations		$60000000				SS 4		SS		23		41

	LightBay		Special Situations		$40000000				SS 5		SS		15		27

	Total			$2585100000			$0				9439		16676

								CHECK		CHECK

Manager	Fund	Firm Age Year of Commitment	Year Founded	Fund		Type	Year of Commitment	Closing Date		Vintage Year		Fund Size		LPAC Seat		Approved ($)		Commitment ($)		Omni NAV as of 10312019 ($)		US Fund Div ( of Fund)		Intl Fund Div ( of Fund)		US Fund Div ( of Total Commits)		Intl Fund Div ( of Total Commits)		US Fund Div ( of Total NAV		Intl Fund Div ( of Total NAV

Altaris	Altaris Constellation IV	14	2003	4		BO	2017	63017		2018		240000000		Voting		12500000		12500000		4838617		75		25		0		0		0		0

Altaris	Altaris Health Partners IV	14	2003	4		BO	2017	63017		2018		1080000000		Voting		50000000		50000000		27524419		75		25		1		0		3		1

Altaris	Altaris Health Partners V	17	2003	5		BO	2020		2018				75000000		75000000			75		25		2		1		0		0

Arcline	Arcline Capital Partners	1	2018	1		BO	2019	31119			1500000000			50000000		50000000		- 0		90		10		2		0		0		0

Capital Partners	Capital Partners II	13	2004	2		BO	2017	72017		2018		600000000		Voting		70000000		58000000		15451080		100		0		2		0		2		0

CapVest	CapVest Equity Partners IV	19	1999	4		BO	2018	62918		2018		1001750000			53000000		46600000		- 0		0		100		0		2		0		0

Carlyle	Carlyle Energy Mezzanine Opportunities Fund II	5	2010	2		SS	2015	122215		2015		2819281339		Voting		65000000		65000000		30476347		75		25		2		1		3		1

Dunes Point	Dunes Point Capital Fund II	4	2013	2		BO	2017	113017		2018		535000000		Voting		50000000		50000000		10655698		80		20		2		0		1		0

Foundry	Foundry Group Next 2018	11	2007	5		GE	2018	5118		2018		750000000			45000000		45000000		8935029		90		10		2		0		1		0

Foundry	FGN 2018 Partner Fund	12	2007	6		GE	2019	4119			100000000			100000000		100000000		6337986		90		10		3		0		1		0

Foundry	Foundry Group Next Fund	9	2007	4		GE	2016	6616		2016		489690722			35000000		30000000		28353444		100		0		1		0		4		0

FTV	FTV V	18	1998	5		GE	2016	91516		2017		867000000		Voting		50000000		46000000		43482202		75		25		1		0		4		1

FTV	FTV VI	21	1998	5		GE	2019		2017		1250000000		Voting		75000000		75000000			75		25		2		1		0		0

GSO	GSO Capital Opportunities Fund III	11	2005	3		SS	2016	7116		2016		6500000000			75000000		75000000		36916611		80		20		2		1		4		1

GSO	GSO COF III - Co-Investment	11	2005	3		SS	2016	112116		2016		2000000000			18750000		18750000		6986476		80		20		1		0		1		0

GTCR	GTCR XII	37	1980	12		BO	2017	92917		2018		5250000000			75000000		50000000		12166313		75		25		1		0		1		0

HIG Bayside	HIG Bayside Loan Opportunity Fund IV	22	1993	4		SS	2015	2516		2015		933375000			60000000		60000000		22204325		75		25		2		1		2		1

HIG SPF	HIG Capital - TMRS Capella SMA	25	1993	NA		BO	2018	101518			100000000			100000000		100000000		26121909		60		40		2		2		2		1

HIG SPF	HIG Strategic Partners Fund	25	1993	NA		BO	2018	10118		2018		1115000000			200000000		200000000		6677055		60		40		5		3		1		0

Harvest	Harvest Partners VII	34	1981	7		BO	2015	121515		2016		2200000000			50000000		20000000		17482770		80		20		1		0		2		0

Incline	Incline Equity Partners IV	5	2011	4		BO	2016	121616		2017		601000000			50000000		40000000		22726805		80		20		1		0		2		1

Insight	Insight Partners XI	25	1995	11		GE	2020					100000000		100000000			75		25		3		1		0		0

Kainos	Kainos Capital Partners II	4	2012	2		BO	2016	82516		2016		895000000		Observer		50000000		35000000		24247438		75		25		1		0		2		1

LightBay	LightBay Investment Partners I	0	2017	1		SS	2017	122217		2018		615000000		Voting		50000000		40000000		5514622		80		20		1		0		1		0

Main Post	Main Post II	4	2014	2		GE	2018	11718		2019		700000000		Voting		50000000		40000000		3765454		100		0		2		0		0		0

Marlin	Marlin Equity V	12	2005	5		BO	2017	31017		2018		2500000000			60000000		57000000		19504557		80		20		2		0		2		0

Marlin	Marlin Heritage II	12	2005	2		BO	2017	31017		2017		750000000			15000000		14250000		8092552		75		25		0		0		1		0

Mercato	Mercato Partners Growth III	9	2007	3		GE	2016	52516		2015		246000000		Voting		40000000		40000000		33655258		100		0		2		0		4		0

Northlane	Northlane Capital Partners II	5	2014	2		BO	2019			375000000		Voting		60000000		60000000		- 0		100		0		2		0		0		0

One Rock	One Rock Capital Partners II	7	2010	2		BO	2017	33117		2017		964000000			50000000		45000000		26210958		90		10		2		0		3		0

One Rock	One Rock Capital Partners III	10	2010	3		BO	2020		2017				75000000		75000000			90		10		3		0		0		0

Parthenon	Parthenon Investors VI	21	1998	6		BO	2019			1800000000			50000000		45000000			100		0		2		0		0		0

Providence	Providence Equity Partners VIII	29	1989	8		BO	2018	4218		2017		5000000000			55000000		55000000		4159147		60		40		1		1		0		0

PSG	Providence Strategic Growth II	3	2013	2		GE	2016	62116		2016		640000000		Voting		60000000		60000000		70001780		100		0		2		0		9		0

PSG	Providence Strategic Growth III	4	2013	3		GE	2017	32318		2018		1322000000		Voting		70000000		70000000		48144842		100		0		3		0		6		0

PSG	Providence Strategic Growth IV	6	2013	4		GE	2019	42619			2000000000			50000000		50000000		- 0		100		0		2		0		0		0

Reverence	Reverence Capital Partners II	6	2013	2		BO	2019	21419			1000000000		Voting		50000000		50000000		17469665		90		10		2		0		2		0

Searchlight	Searchlight Capital II	5	2010	2		BO	2015	112515		2015		1939000000			50000000		47000000		36050169		60		40		1		1		3		2

Searchlight	Searchlight Capital III	9	2010	3		BO	2019		2015		2750000000			50000000		50000000		- 0		60		40		1		1		0		0

Tritium	Tritium I	2	2013	1		BO	2015	111615		2014		309000000		Voting		50000000		50000000		54401398		85		15		2		0		6		1

Tritium	Tritium II	5	2013	2		BO	2018	112018		2019		450000000		Voting		60000000		60000000		- 0		85		15		2		0		0		0

TSSP	TSSP Adjacent Opportunities Partners (D)	9	2009	4		SS	2018	6818		2018		3000000000			50000000		50000000		- 0		60		40		1		1		0		0

TSSP	TSSP Adjacent Opportunities Partners (B)	6	2009	3		SS	2015	123115		2014		3500000000			75000000		75000000		53260061		60		40		2		1		4		3

TSSP	TPG Opportunities Partners IV	9	2009	4		SS	2018	8918		2018		3000000000			50000000		25000000		3801703		60		40		1		0		0		0

Updata	Updata Partners V	18	1998	5		GE	2016	62116		2014		280000000		Voting		50000000		50000000		64293595		90		10		2		0		7		1

Updata	Updata Partners VI	20	1998	6		GE	2018	12818		2014		300000000		Voting		75000000		75000000		- 0		90		10		3		0		0		0




					6000000000

					5250000000

					5000000000

					3500000000

					3000000000

					3000000000

					2819243965

					2750000000

					2500000000

					2200000000

					2000000000

					2000000000

					1939000000

					1500000000

					1322000000

					1115000000

					1100000000

					1001750000

					1000000000

					1000000000

					964000000

					895000000

					867000000

					750000000

					750000000

					700000000

					640000000

					615000000

					601000000

					535000000

					500000000

					500000000

					450000000

					375000000

					309000000

					300000000

					280000000

					246000000

					240000000

					200000000

		Assumptions

	TMRS (AUM)		$ 29264820023		ltltltlt		As of 3312019

	PE Target ()		500

	PE Target ($)		$ 1463241001

	PE Commitments ($)		$ 2585100000

	PE NAV ($)		$ 799910286		ltltltlt		As of 3312019

	PE NAV ()		273

	Un-Allocated ()		-7667


BAAM		Blackstone Strategic Capital Holdings II		29		1990		2	SS	2019	4000000000	65000000	65000000	- 0	80	20	80	20	ERRORDIV0	ERRORDIV0

	Instructions by Sheet Name


	Notes		Light blue-filled cells are hard-coded (not formula-driven)

		The green-colored tabs are the only ones to be updated right now

		The red-colored tab does not need to be updated (still under construction)

	Portfolio

1)		Input new Fund commitment into the next open row

2)		Confirm and input the details for the row of the new Fund in columns A through G

3)		Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I

4)		Copy paste the formulas used in columns J and K for the row of the new Fund

	Manager

1)		If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated

2)		Input the name of the Manager for the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Manager

4)		Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option


	Fund

1)		Insert a row above the one beginning with UA (Un-Allocated)

2)		Input the Short Name of the new Fund in column B

3)		Copy paste the formulas used in columns C through E into the row of the new Fund

4)		Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option