OP&F News

OP&F investment notes, September 2020

Notes from the Investment Committee meeting on Sept. 30, 2020

Portfolio value:

The OP&F portfolio was valued at $15.52 billion as of 9/29.

OP&F ADJUSTS ASSET ALLOCATION TARGETS

The OP&F Board approved a new asset allocation policy that slightly increased its overall public equity allocation but changed the balance between U.S. and non-U.S. equities, reduced the midstream energy allocation and maintained the existing allocation to illiquid assets.

OP&F’s prior long term equity targets were 16% each to both U.S. and non-U.S. equities. Those targets are being changed to 21% and 14%, respectively.

The midstream energy (MLPs) allocation was reduced to 5.0 percent target from the previous 8.0 target. OP&F’s actual allocation to midstream energy is 5.28 percent of the total portfolio, close to the new target.

No changes in managers were announced or discussed during the meeting for either the equity or midstream energy asset classes at OP&F.

A minor change to allocations to illiquid assets was discussed, but no change was made. The total allocation to illiquid assets remains a target of 33 percent. Illiquid asset categories include: Real Estate (12.0 percent target), Private Markets (8.0 percent), Private Credit (5.0 percent), and Real Assets (8.0 percent).

COMMITMENT TO PRIVATE MARKETS MANAGER MEETS OP&F’S TARGET FOR 2020

The Board approved a commitment of up to $30 million to GTCR XIII, a private markets fund focusing on U.S. buyout opportunities.

The commitment is the fourth private markets commitments for the 2020 plan year for OP&F and brings total 2020 partnership commitments to $90 million. The plan for the asset class estimated either four or five new commitments for the year. With the approval of the GTCR XIII commitment, the 2020 private markets plan is within $10 million of the target for new commitments. The remaining $10 million will likely be incorporated into the 2021 private markets plan. An additional $17 million was targeted for co-investments and, to-date, approximately $11 million has been committed.

The OP&F Private Markets portfolio is valued at $1.44 billion, or 9.0 percent of the total portfolio. OP&F’s target for the asset class is 8.0 percent.

Posted 10/02/2020

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