OP&F Investment notes, October 2025

Portfolio value: The OP&F portfolio was valued at $20.83 billion as of Oct. 21

Private markets commitment made to CapVest

The OP&F Board approved a commitment of a minimum of €30 million (equivalent to approximately $35 million) to CapVest Equity Partners VI at its Oct. 22 meeting. CapVest will target middle-market leverage buyouts in developed Europe and North America. The fund will focus on health care, consumer goods and essential services.

Including the CapVest commitment, OP&F made $117 million in private market commitments so far in 2025. The target range for the year is between $195-225 million. OP&F’s Private Markets portfolio is valued at $1.47 billion, or 7.0 percent of the total portfolio.

Board approves new real estate commitment

Also at its Oct. 22 meeting, the OP&F Board approved a commitment of up to $85 million to Blue Owl Real Estate Fund VII. The closed-end, value add, net lease fund will focus primarily on opportunities in the U.S. and Canada. Blue Owl VII looks to acquire or provide build-to-suit capital for single tenant, free standing net lease properties for investment grade corporate tenants.

OP&F’s Real Estate portfolio is valued at $1.93 billion, or 9.3 percent of the total investment portfolio.

Independent study shows OP&F again meets state funding requirement

The most recent actuarial study of the Ohio Police & Fire Pension Fund shows that it meets the state’s funding requirements. OP&F’s independent actuarial consultant, CavMac, presented its findings at the Board of Trustees meeting on Oct. 22.

The funding period as of Jan. 1, 2025, is 29.88 years. Ohio requires that the state pension funds maintain a funding period of less than 30 years.

Despite structural underfunding, strong OP&F investment performance has contributed to continued compliance with the 30-year funding requirement. In 2024, the OP&F investment portfolio had a gross return of 11.13 percent, well above the target return of 7.5 percent.

Ohio law specifies that an actuarial valuation be performed every three years for OP&F. This year, 2025, is a required reporting year. If the triennial valuation determines that the funding period exceeds 30 years, a plan must be submitted indicating how OP&F plans to meet the requirement.

CavMac performs valuations for OP&F each year in order to monitor the funding of the retirement system. The 2025 funding period is slightly higher than the results of the Jan. 1, 2024, valuation, which showed a funding period of 29.77 years.

Posted 10/23/2025