OP&F Investment notes, April 2022

Notes from the Investment Committee meeting on April 26 and 27, 2022

Portfolio value:

The OP&F portfolio was valued at $18.14 billion as of April 26

OP&F commits up to $80 million to infrastructure fund.

OP&F’s Board approved a recommendation from its real assets consultant, Townsend, to invest up to $80 million iCON Infrastructure Partners VI. The commitment is the first of 2022 to the OP&F Real Assets portfolio. The targeted commitment range for closed-end real assets funds in 2022 is $120 million to $200 million and up to $150 million to open-end real assets funds. OP&F’s total real assets portfolio is valued at $762.5 million, or 4.0 percent of the total portfolio. The Real Assets target for OP&F is 8.0 percent.

iCON Infrastructure Partners VI will invest in diversified infrastructure facilities, power & utilities and transportation among other opportunities, in Europe and North America. OP&F has previously invested in iCON Infrastructure Partners V.

$50 million committed to Fairfield US Multifamily Core Plus Fund II

OP&F’s Board approved a recommendation from real estate consultant, Townsend, to invest up to $50 million to Fairfield US Multifamily Core Plus Fund II. The commitment is the second of 2022 to the tactical portion of the OP&F real estate portfolio. The targeted commitment range for the tactical portfolio in 2022 is $140 million to $200 million and this commitment brings the year’s total to $100 million. OP&F’s total real estate portfolio is valued at $1.9 billion, or 9.9 percent of the total portfolio.

Russian divestment update

OP&F continues in its divestment from Russia as quickly as possible while keeping with the fund’s fiduciary duty, per a directive from the Board of Trustees. As of April 25, the value of direct holdings in Russia remains $3.9 million. The overall exposure has decreased to $9.69 million (an 84% decrease from the original amount).

Since the beginning of the Ukraine crisis, OP&F managers have been under a directive to not purchase any Russian holdings. OP&F continues to be responsible to our fiduciary duty, responsibly divesting these assets as opportunities arise.