# Stephens Capital Management The capital-management division of Stephens Inc., a Member NYSE/SIPC headquartered at 111 Center Street, Little Rock AR 72201-4451. Website: www.stephens.com. Stephens Capital Management is APERS's documented long-standing investment manager and Carlos Borromeo's first-resort fixed-income consulting contact. The 5/15/2025 APERS Investment Finance Subcommittee meeting agenda item 3 listed "Stephens Inc. - Larry Middleton, Bo Brister, and Seth Middleton" as the Private Credit discussion lead, alongside HarbourVest and Neuberger Berman. The IFSC packet contains a 7-page Stephens Capital Management "APERS Private Credit Refresher" presentation discussing private credit overview, secondary market opportunities, primaries, and historical performance of direct lending. The 5/14/2025 12:24 PM Borromeo email to Bo Brister, Larry Middleton, and Seth Middleton with subject "Bonds" requesting "fixed income eyes" on Israel Bonds (https://israelbonds.com/) is the documented Israel-Bonds-specific Stephens consultation. Brister replied "You bet. / Do we need to discuss?" at 1:59 PM same day; the captured production thread ends there. No documented Stephens written analysis on Israel Bonds is in the production. The next day (5/15/2025) Stephens attended the IFSC meeting in Private Credit capacity, not on Israel Bonds. Stephens's role at APERS combines (1) a long-standing institutional advisory relationship that allowed Borromeo to send a same-day "fixed income eyes please" message to Brister with no formal scope, (2) a Private Credit firm role placing them on the IFSC packet alongside the named manager finalists, and (3) implicit availability for ad-hoc fixed-income consultations including Israel Bonds. The combination establishes Stephens as a service provider with broad institutional access at APERS but the documented Israel-Bonds-specific consultation produced no written analytical product before the IFSC's 5/15/2025 authorization vote. The Stephens email standard footer disclaims that the foregoing material has been "prepared solely for informative purposes and do not represent a solicitation, personalized recommendation, bid or offer, to buy or sell any security. These materials do not purport to be a complete description of the securities, markets or developments referred to in the materials." Brister's "fixed income eyes" exchange and the Stephens IFSC presentation are both governed by this standard disclaimer. ## Evidence > "3. Private Credit / Stephens Inc. - Larry Middleton, Bo Brister, and Seth Middleton / HarbourVest – Ms. Melissa Cahill, Managing Director and Mr. Bill Cole, Principal / Private Credit / Neuberger Berman – Mr. Gabe Feghali, Client Advisor/Managing Director, Mr. Michael Schwartz, Portfolio Director, Mr. Will Proctor, Sponsor Coverage/Managing Director" > APERS IFSC Agenda, IB_FOIA_MAY_25_Reviewed.pdf p.36, 5/15/2025 > "Private Credit discussion – Bo and team Stephens will lead the discussion (I didn't feel that we had the 'ok' to go ahead with P/C, so we are bringing in the firms with the knowledge)" > Carlos Borromeo to Amy Fecher, IB_FOIA_MAY_25_Reviewed.pdf p.587, 5/8/2025 7:08 AM > "INSERT BUSINESS LINE HERE / CONFIDENTIAL AND PROPRIETARY INFORMATION OF STEPHENS INC| MEMBER NYSE, SIPC / A PRESENTATION FROM STEPHENS CAPITAL MANAGEMENT / CAPITAL MANAGEMENT / APERS Private Credit Refresher / Precision. Performance. Partnership." > Stephens Capital Management presentation, IB_FOIA_MAY_25_Reviewed.pdf p.45, 5/15/2025 IFSC packet ## Cross-References [[bo-brister]] Senior Vice President at Stephens Capital Management; APERS's documented fixed-income consulting contact [[carlos-borromeo]] APERS CIO who initiated the 5/14/2025 Israel Bonds consultation [[apers-israel-bonds-authorization]] [[independent-credit-analysis-gap]] [[callan-analysis-asymmetry]] concept pages [[apers-foia-r1-7-7-25]] source page