OP&F, as the LP is known, has roughly $12 billion in assets under management. The pension fund’s current target allocation to private equity is 3 percent, and as of Feb. 29 the LP was invested in the space to the tune of 2.93 percent of its portfolio, equivalent to roughly $351 million.
If it decides to raise the target allocation, the LP’s investment staff would likely recommend putting more money directly into buyout funds throughout the United States and scaling back its exposure to domestic funds of funds and Ohio-based general partners. OP&F’s exposure to secondary funds and international funds of funds would remain the same or possibly increase, according to David Graham, the pension fund’s communications manager.
At the moment, the bulk of OP&F’s portfolio—roughly 80 percent—is invested in funds of funds and secondary vehicles. On the funds-of-funds front, the LP has backed managers such as
The pension fund is based in Columbus, Ohio, and its general consultant is Wilshire Associates.—J.P.