OP&F Investment notes, March  2023

Notes from the Investment Committee meetings on Feb. 28-March 1

Portfolio value: The OP&F portfolio was valued at $17.0 billion as of Feb. 28

OP&F commits $40 million to private markets fund

The OP&F Board approved a commitment of up to $40 million to TA XV, a private markets fund focusing on middle market opportunities. TA XV will mostly target tech, health care and financial opportunities in North America and Europe. OP&F also has investments in previous TA funds (XI, XII, XIII, and XIV).

OP&F’s private markets portfolio is valued at $1.45 billion, or 8.4 percent of the total portfolio. The current, interim target for the asset class is 8.5 percent, while the long term target is 10 percent.

New commitment made to infrastructure fund

OP&F’s Board of Trustees approved a commitment of up to $80 million to Brookfield Infrastructure Fund V. The fund is a non-core fund concentrating in opportunities in North America, Western Europe and Asia and South America. Sectors include transportation, data, renewable power, utilities and energy. OP&F also invests in Brookfield Infrastructure Fund IV.

Infrastructure is a part of the OP&F Real Assets portfolio (and also includes agriculture and timber investments). OP&F’s real assets portfolio is valued at $968 million, or 5.6 percent of the total portfolio. The current, interim target for the asset class is 5.5 percent, while the long term target is 8.0 percent.