The regulating body breaks with its previous skepticism of projected performance, but only for qualified purchasers and institutional investors.

Due to high interest rates, among other things, VC investment in new companies and IPO exits are way down from previous years.

A separate proposition enabling a cost-of-living increase to pensions for retired teachers was also approved.

After stepping down in September from overseeing NYU’s endowment, the investment chief’s appointment to run the $8 billion system is effective in January 2024.

The adjustments include revisions to Schedules MEP and MB.

Historically, when the sector’s P/Es are this high, its market performance flags over the next 12 months, per Jack Ablin.

Borden was previously CIO of the South Carolina Investment Commission and the Louisiana State Employees’ Retirement System.