High-level, two-page overview of Gavi’s progress in delivering on its Investment Opportunity commitments, adjusting to its remaining challenges and setting out a vision for the future.

Inv -2018 -Mtg -04 1



G avi Alliance Investment Committee Meeting
8 November 2018
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.00 Geneva
time on 8 November 2018 . Stephen Zinser , Investment Committee Chair, chaired
the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a ).

1.3 The minutes of the 11 September 201 8 meeting were tabled to the Committee and
duly approved (Doc 01b in the Committee pack).

1.4 The Committee noted its action sheet (Doc 01c) and the forward work plan (Doc
01d). In relation to the action sheet, the Chair confirmed that the Secretariat had
indeed pursued opportunities with the private investment firm which presented to
the Committee in May 2018. It was also noted that the Secretariat will provide
updates on the ot her open actions in this meeting.


Decision One

The Gavi Alliance Investment Committee:

Approve d the minutes of its meeting on 11 September 2018 .

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2. Manager Presentation

2.1 The Chair reminded the Committee that an allocation of up to 10% of private debt
in the long -term portfolio was recently approved in principle but of which
approximately 3% had been committed. He re -iterated that it was crucial to find
the right manager for this specialised bucket. In that context, a fund manager from
a US based distressed asset specialist presented highlights of their firm and
strategy to the Committee as a potential for further investment in this area.

2.2 The culture of the company and the ir approach to distressed asset management
was outlined , highlight ing the focus on complex, high -conviction assets (Annex A,
Doc 02) .






Minutes