OP&F Investment notes, April 2024

Portfolio value: The OP&F portfolio was valued at $17.77 billion as of April 23

Private markets commitment made to Tenex IV

OP&F approved a commitment of up to $35 million to Tenex Capital Partners IV at its April Board meeting. The fund focuses in North American buyout opportunities in the industrial sector.

This is the second investment OP&F has made with Tenex, having previously invested in Tenex II. So far in 2024, OP&F has made a total of $115 million in commitments to private markets funds. The 2024 target for the asset class is $130-160 million in commitments. OP&F’s current private markets portfolio is valued at $1.4 billion, or 7.75 percent of the total portfolio. The interim private markets target is 8.5 percent with a long term target of 10.0%.

OP&F commits $50 million to private credit fund

The OP&F Board also approved a $50 million commitment to Crescent European Specialty Lending Fund III. The private credit fund focuses on middle market lending opportunities in northern and western Europe.

The commitment is a part of the 2023-24 Private Credit Investment Plan, which runs until June 30, 2024. This is the fifth commitment of the plan year, bringing total commitments to $200 million so far. The target for commitments for the plan year is between $235 million and $285 million. OP&F’s private credit portfolio is valued at $542 million, or 3.0 percent of the total portfolio. The current, interim target for private credit is 4.0 percent with an ultimate long term target of 5.0 percent.

Posted 4/26/2024