Notes from the Investment Committee meeting on Dec. 1-2, 2020
The OP&F portfolio was valued at $16.24 billion as of 12/02.
Board approves private credit recommendation
OP&F’s Board of Trustees approved a recommendation to commit up to $50 million to Raven Asset Based Credit Fund II. The fund focuses on asset-based investments, targeting lower middle market opportunities in North America.
As of October 31, OP&F’s Private Credit portfolio was valued at $465 million, or 3.0 percent of the total portfolio. The target allocation for Private Credit is 5.0 percent. The 2020-21 investment plan for private credit (July 1, 2020 through June 30, 2021) calls for new investments totaling between $225-275 million. The Raven Asset Based Credit Fund II commitment is the first for this investment plan year.
2021 Private Markets Investment Plan
For the calendar year 2021, OP&F staff, along with investment consultants, Wilshire Associates and Aksia Torrey, recommended an investment plan calling for between $80 million and $120 million in new commitments for the private markets asset class. The target range is designed to reach and maintain the 8.0 percent target for the OP&F private markets portfolio.
As of October 31, the value of OP&F’s private markets portfolio was $1.45 billion, or 9.4 percent of the total portfolio. While the percentage is currently above OP&F’s target, it is well within the allocation range for the asset class.