TO: All Retirement Boards
FROM: Joseph E. Connarton, Executive Director
RE: STS/LStar Event
DATE: March 9, 2017
Recently, retirement board members received an invitation to an event at Gillette Stadium regarding a prospective investment. Please be advised that assets of retirement systems cannot be directly invested in real estate. Also this event raises a potential violation of PERAC’s Placement Agent Policy (see attached) as the sponsoring entity (STS) does not appear to be registered with the SEC as required.
Some confusion has been created by the assertion in the invitation that the event is somehow sponsored by MACRS. Please see the attached statement by MACRS President Kathleen Kiely-Becchetti which makes it clear that MACRS is not involved in any such sponsorship.
Thank you for your attention in this matter.