March 25, 2026

State of Michigan Investment Board Meeting

March 25, 2026

Agenda

1. 9:30 a.m. Call to Order and Opening Remarks
2. 9:35 a.m. Approval of the 12/17/25 SMIB Meeting Minutes
3. 9:40 a.m. Executive Summary & Performance for Periods Ending 12/31/25
4. 9:50 a.m. Venture Capital Division Update
5. 10:00 a.m. Guest Speaker:
   1. Jim Adox, Executive Managing Director of Venture Investors Health Fund
6. 10:30 a.m. Real Estate and Infrastructure Division Update
7. 10:35 a.m. Guest Speaker:
   1. Daryl Carter, Chairman and CEO of Avanath Capital
8. Review of Investment Reports
   1. Real Estate & Infrastructure – Update
   2. Private Equity – Update
   3. Real Return & Opportunistic – Receive and File
   4. Defined Contribution – Receive and File
   5. Fixed Income – Receive and File
   6. International Equity – Receive and File
   7. Domestic Equity – Receive and File
   8. Absolute Return – Receive and File
9. 10:55 a.m. Public Comment
10. 11:00 a.m. Closing Remarks ~ Adjournment

2026 Meeting Schedule

1. Wednesday, June 24, 2026
2. Wednesday, September 23, 2026
3. Wednesday, December 16, 2026

All meetings start at 9:30 a.m.