Notes from the Investment Committee meeting on Sept. 29, 2021
The OP&F portfolio was valued at $18.58 billion as of Sept. 28.
Board approves private market commitment
OP&F will commit up to $30 million to Clearlake Capital Partners VII as a part of its 2021 Private Markets Investment Plan. Clearlake invests in control-oriented opportunities in North America, primarily in the technology, industrial and consumer sectors.
The 2021 OP&F Private Markets Investment Plan calls for between $80 million and $120 million in new investment commitments during the year. With the Clearlake commitment, OP&F has committed $110 million in 2021. The Private Markets portfolio at OP&F is valued at $2.0 billion, or 10.6 percent of the total portfolio. The target for private markets is 8.0 percent.
$60 million commitment made to real estate fund
After a recommendation from real estate consultant, Townsend, the OP&F Board approved a commitment of up to $60 million to Almanac Realty Securities IX. Almanac IX is a closed-end, value add fund that provides growth capital to real estate operating companies, primarily in the US.
Including Almanac, OP&F has committed to three real estate funds in 2021 totaling $145 million. The real estate portfolio at OP&F is valued at $1.76 billion, or 9.3 percent of the total portfolio. The target allocation for real estate is 12.0 percent.
Board approves additional $25 million to private credit commitment
The OP&F Board approved an additional $25 million to a commitment made in December 2020 to Raven Asset Based Credit Fund II. The original commitment to the fund was up to $50 million. Raven focuses on asset-based investments, targeting lower middle market opportunities in North America.
OP&F’s Private Credit portfolio is valued at $532 million, or 2.8 percent of the total portfolio. The target allocation for Private Credit is 5.0 percent. The 2021-22 investment plan for private credit (July 1, 2021 through June 30, 2022) calls for new investments totaling between $250-300 million.