Helping you and your investment staff run the private equity, real assets allocation and some are in the audience today and youll hear from them when we go through some of the other revi reviews. To recaso to recap on page one t we would like to cover, one hasw is a private Equity Programme doing and the 2018 review and progress and three, the current market environment and what were doing in recommending in terms of positioning the portfolio and private equity portfolio to that context. So how is the programme doing . In short, youre doing well. Tanya mentioned performance and you performed well across all metrica and the private private Equity Programme is a strong contributor over the short and longterm. 201 was particularly strong with a 17 gain in private equity and this is compared in the markets which lead to an overall year of negative return in the public equity markets. The programme stands at 20 of planned assets slightly above. Strong to the outperformance and appreciation of your private Equity Programme. Distributions have been robust and we hit another year of record distributions for your private Equity Programme in 2018. This comes right after the record year that was this 2017. For 2018, almost 800 million in distributions and a bit better balanced across your buyout venture and Growth Equity managers in 2018 compared with the prior years. In terms of activity and what weve done in 2018 for new commitments, we made 1 point close to 1. 4 billion in commitments to 26 managers. 17 were existing relationships for your programs and they were fully reunderwritten for existing relationships, no automatic reups and we did pass on three and then nine new managers and i would say all opportunities including the existing ones were accesscontained. Accessconstrained. So the ability for us working together with staff and helping to develop that relationship and cultivating those relationships over the longterm allowed the retirement system to benefit from being able to either upsize your existing relationships, where we wanted to or access new relationships that were oversubscribed. The market environment in general still remains frothy. Market evaluations are at peaks and level evaluations at peaks, as well. So its a difficult environment to find attractive Investment Opportunities and access those Investment Opportunities. So within that context, weve been focusing, continuing to focus on manager selection, bottomup analysis is critical, as well as tilting the programme to areas of relative attractiveness and those include moving more towards Growth Capital, more towards sectorfocus funds, as well as developing more exposure to emerging markets like asia. The next page, why are we here . Youve probably seen the slide from us before. But the dispersion of returns in the green, all the way on the right there for private equity and Venture Capital, the dispersion of return is the widest in these classes. Were here compared to the Public Markets with the other charges. Classes. Were here because of that outside return that potential but also to suggest that manager selection is absolutely critical within the private equity classes. Between the average manager and here weve noticed the top as the final percent aisle. Ile its greater in terms of return for private equity and over 3100 bases points for Venture Capital. Compared with the major classic capitals, its 200 basis points between the average to the fifth percentile. So its very important and critical to get into the top two and aboveaverage managers in the outside returns. And so, it makes sense and its critical to spend the time and effort in cultivating the relationships that we want to develop and sometimes it takes years prior to the actual fundraise to do that but its worth that effort to d do so and to underwrite with rigorous due diligence, that and before bringing recommendations to the board. Theres a difference between absolutereturn hedgefunds . The absolute return would be a subset of the hedgefund. Equity would be a hedgefund that wouldnt be an absolute return. Great, thank you. Sure. A question . Yes. When you use the word frothy, how are you using it . That the markets are is it like a bubbly stage . The records amount of dry pat are out there. Youll see in the next slide, fundraising remains very robust across the private equity class and so a lot of stiff competition out there chasing deals. So the entry valuations for the market are at peak levels now. So ten times plus the multiple and at peak levels, leverages readily, freely available. So leverage multiples are near peak and so the suffering from the difficulty in not only lps and investors accessing the gps but also the gps accessing attractive Investment Opportunities and outbidding each other and bidding up the market. So youre kind of using it as saying that theres so much activity, its frothy . And its heated, to we need to pick our spots here. Ok. So let me flip to page 4. And so in light of this market environment, where have we been focusing our efforts . The first is in sector focus funds. On page 4, youll see why. We have analyzed sectorfocus funds compared to the general counterparts and we see that historically, sectorfocus funds have outperformed the their generalist counterparts. The main reason for this is privatinprivate equity has matud its important to have the deepdetectivedeepsector knowle operations and drive growth for portfolio companies. So theres no lowhanging fruit and we find the sector specialists are better able to drive all of this with their Deeper Networks and sourcing capabilities and domain expertise. What we dont show on this slide, but it was also a result of the analysis is that not only are the returns better for sectorfocus funds compared with the generalist counterparts, but they were to have lower loss ratios against them, too, and that being the new, you know, prep better knowledge of the sectors getting in and out of the investments and timing better than the generalist counter parts. So we have been focusing for the last five years now on adding more or in terms of new managers or increasing your computer to sectorfocus funds. On page 5, another rationale for doing so, this slide here shows that for private equityrun companies, that compared to their public counterparts, they are run better. Their Revenue Growth is better, the operating margins are stronger and those are the top right and bottom two tables or two chatter charts there. Even though the Purchase Price multiples may be high today, that compared with their public counterparts, theyre in line or slightly lower and the only thing of note is that the leverage level is higher, the two times versus 2. 7 times. So operatorlead private equity is driving these better metrics or Underlying Companies and we feel that this operatorlead private equity is best done by sectorrer specialist. The second area focus in recent years has been adding to Growth Capital or Growth Equity allocation or exposure. Five years ago, Growth Capital was about 10 of your overall private Equity Programme. At the end of 2018, that rose to 26 . So its been a conscious effort to add more and why. The riskreturn profile we find attractive within Growth Equity and if you can see the chart on the top are the returns and then the bottom table shows the loss and impairment ratios compared with the Venture Capital and buyout managers and index. Youll see the returns are slightly above buyouts potentially, but the loss and impairment ratios for Growth Equity are very similar to the buyouts. So its in between venture and buyout, but the loss and impairment ratio is more attractive. And you had gotten into some of the investments early on. Ta and summit pioneered the space and we continued to add our exposure here. Its not easy to find in a lot of these grow out of the space or move into larger fund sizes but we are continuing to add to exposure and have done so in the last five years. And the third area that we have positioned the portfolio in the last five years is moving more into asia. Five years ago, it was less than 5 of your private Equity Programme and today its at the end of 2018, it was 28 . We have a comparison of u. S. Private equity against asia pacific against china pup can see asia pacific has been about the same in terms of the longterm returns and outperformance. Of the commitments that the retirement system has made to asia in the last five years, over 50 has been dedicated to china and so we have already started to see the benefits o playing out in the numbers and the asia numbers have been pulling up the overall performance of the private equity portfolio. The next slide ill go quickly. We have 4. 9 billion nav, 0 of planne20 ofassets in private ed youve committed to 379 funds and that is approximately to 120 active managers in your portfolio today. We ti continue and have made a conscious effort to concentrate the portfolio. So of the 120 manager relationships, really about 50 are ongoing and so we continue to work on making bigger bets with the existing portfolio or when we add to the programme. But having a more concentrated portfolio. Page 9, another highlight on performance. We compare since inception ir, 16 against your benchmark in the pink there. So the 75 ruffles and plus the 300 basis points premium and since inception, the programme has exceeded the private equity custom benchmark by over 530 basis points, including the 330 basis point premium added to the public equities. On page 10, a showing of the strong performance, short and longterm, 76 net for the year 2018 and the blue is the overall plan asset return and so, providing a strong contribution to the overall plan returns in the orange there, you can see for the private equity returns. On page 11, we have a snapshot of your portfolio today or as of december 2018 and its wellbalanced across venture Growth Capital and buyout now. The change from 2017 to 2018 is that venture and Growth Capital went up and buyouts tea championshippedeclined interms. Buyouts is less than a third and its mainly viewed to a disproportional nav appreciation of venture and growth fal. They had 21 returns for the year and strong distributions coming out of buyouts. So of the 800 million in distributions we had in 2018, close to half of that was derived from the buyout allocation. So the pie on the right is including what is dry powder or unfunded for your programme and as that capital continues to be called down, we would foresee a more balancing out of the buyout venture and Growth Capital splits. On page 12, i wanted to show you your industry exposure, as well as geographic exposure and how its changed for the private Equity Programme. You can see here on the left that it and Communication Services in the blue, for the retirement system is significantly overweight compared with our cambridge benchmark, all of the private funds we track. Thats been an intentional overweight for the programme. There are many reason for this. We have, you know, a trek Venture Programme and most of that is a in a large Venture Programme and most focused on tech. The techfocused buyouts that we have increased exposure to have driven that overweight. High growth and mostly software and company and stores have benefited from having the overweight already and it served you well. Technology of all of the sectors has been a consistent outperformer and so, that says something, that we would continue to recommend. We have modest juniorrate underd those are areas of focus and we added consumer managers to your buyout allocation or roster in 2018 and then currently, were working for 2019, probably, on looking at two additionals focusing on industrials. We discussed the overweight to asia and why thats shown on the right, as well, in terms of geographic exposure. Do we know what our return contribution is for the different sectors . It versus some of the other i since we have such a tilt . We can pull that but it has been outperformer and served you well. I would curious to know what the numbers are for the different sectors. No rush. Here on the next several pages, i just wanted to go through in more detail on each one of the subclasses. So for buyouts on page 13, the Buyout Programme has been by far the largest driver for overall private Equity Programmes since inception, strong returns overall, longterm distributions were solid and hit a peak for 2018 and that was 357 million just out of your buyout, buyout manager roster. We continue to focus on sectorfocus funds and we added two focus managers last year. We continue to focus on concentrating and consolidating the portfolio and one of the areas has been to consolidate more of the large megacap manager lineup that you had and selectively choosing to reup with a certain number of those. And we are continuing to look at europe, and that has been one area that we have not done as much in, but have had a few in the last five years. There were opportunities that were looked at and then asia, we are, i think, good in terms of the current exposure and lineup, but if we were to add something, it would probably be in an area where we dont have exposure to or as much exposure to the japanese small midcap buyout space. Within emerging markets, in addition to abl asia, we did mae progress if committing to a brazilian manager last year focused on latin america and so, that we think will be a great add. And then on the event tou ventu, venture had a very, very strong year last year. The programme itself, spurs delivered 23 in the one year ending 2018, distributions from venture also were strong, 179 million last year and thats nearly two times the amount that you got from your venture managers the year prior. Valuations, especially on the light stage, remain very high. So we continue to recommend focusing and enhancing the early stage portfolio for your Venture Programme. The exits have been strong in 2018, but we also see that its really a good sign in the first half of 2019, a very healthy ipo market and a good handful of even venturebacked companies that are greater than 10 billion in valuation have gone out and i think thats a good sign and likely, you know, hopefully to see similar exit activity for your Venture Programme this year. In asia, also, we focus on earlystage opportunity and in europe, we are continuing to look, vetting many, continuing to look for the right one and the one that we can access. With that, let me turn it over to kelly to hit on some of the Growth Capital high height highd other years. Thanks, anta. Allocations to Growth Capital was underweight as of 2018. Spurs intentionally leaned into the face in 201 2018 and the programme committed 320 across five conversion managers and three were to u. S. Groups and one reup and one new strategy and that was a manager that spurs invested with through the managers buyout family. And the third level equity was a new relationship for spurs they were able to really, you know, build a relationship with, just by the manager being highly active. In terms of size, all three of the groups raised rather small funds and poleris at the low end, below 200 million, and the others below 500 million which we believe positioned them well to invest in the lower end of the markets we find less efficient and competitive today. The remaining two growth commitments were to asia management, so both of which spurs has invested with before. Turning to page 16, special situations investments represent a small portion of the pe portfolio at roughly 4. 5 of nav. As of 2018, that was not a transfer to the private portfolio. That transfer included 17 active fund taz are more creditoriented and thats more appropriate for that part of the portfolio. And this hasnt been a major area in recent years for the Equity Programme but we think that there could be opportunities to add exposure, particularly on the distress for control side and especially in the event of a Market Correction or a prolonged downturn. Emerging markets, i wont spend much time here as anita covered many points in the presentation, but ill highlight there was a lot of progress, particularly in asia in the last five years and some the emerging markets exposure comes through asia and latin america. That brings me to the next page, 17. On the coinvestment front, spurs has been active. Though measured in gradual and in the implementation. Spurs made the first coinvestment in the private equity portfolio in 2014 and since has made an additional 11 coinvestments. Eight of those were through the commitment to Asia Alternatives and its fund heavtofund manat and four were outside. In each case, they were with a manager spurs has invested with and has an existing relationship through the portfolio. So they highlight that staff did a good job of existing manager knowledge to enhance execution capabilities in the coinvestment portfolio. Together, these coinvestments represent close to 200 million in commitments with an average byte size of 15 million which we feel is appropriately sized relative to the byte size at the fun level. And lastly, ill highlight spurs has been disciplined. Its 20 of the private equity and that just relates to the high bar set to really see a coinvestment deal through to execution. And turning to page 15 im sorry, but can you go back to the point about the number of deals seen versus those that we have executed . Sure. To so as i said, theres been 12 coinvestments done to date since 2014 and far more that theyve looked at. The number is an initial veal evaluati