Investment staff briefed the Imperial County Board of Retirement on market performance, cash positioning and private‑fund wind‑down issues during the meeting on April 16.

Staff said the S&P 500 entered correction territory for the quarter and that technology stocks underperformed; international equities and fixed income produced mixed returns. Real‑asset and private‑alternative figures were still being collected as quarterly reports arrived.

The treasurer’s cash balance was reported at $10,000,000. Staff said the amount was increased from smaller interim transfers to ensure adequate liquidity for benefit payments and near‑term expenditures. Trustees discussed whether to increase the cash reserve further — up to $20,000,000 or a 2 percent target was mentioned — and asked staff to follow up with the treasurer and investment staff on a recommended short‑term cash strategy such as laddering short‑term Treasuries or using an internal cash pool.

Staff reported $12.9 million in capital calls and $8.8 million in distributions during the reporting period. Trustees also discussed legacy private managers that are winding down, including KKR, and noted that the plan continues to pay small quarterly fees on small remaining invested balances (staff said those fees are typically under $10,000 per quarter and are being reduced to fees on invested rather than committed capital where possible).

Trustees raised a specific private‑credit exposure: a $7,000,000 commitment with approximately $688,000 still unfunded. Staff explained secondary‑market sales of private fund stakes are possible but often require large discounts and a viable buyer; in practice, many funds take time to dissolve and legal wind‑down steps remain necessary.

Staff noted some increased interest in leasing the plan’s headquarters vacant space and said the county took a closed‑session item on negotiations with ISRIS Corp (no reportable action). Staff closed by noting the target allocation table had been updated to reflect recently adopted policy changes.

No board vote was taken on allocations or cash targets at the meeting; trustees requested staff follow up with recommendations on a short‑term cash approach and with an update on outstanding private‑fund wind‑downs.