The Ohio Police and Fire Pension Fund (OP&F) provides retirement, disability, and survivor benefits to police officers and firefighters across Ohio. With approximately $16 billion in total assets, OP&F serves over 55,000 active and retired members from police and fire departments throughout the state.
Investment Strategy
OP&F maintains a diversified investment portfolio designed to meet its long-term actuarial return target. The portfolio includes public equities, fixed income, private equity, real estate, infrastructure, and other alternatives. The Board of Trustees sets strategic allocation targets based on actuarial studies, and the investment team manages the portfolio within those parameters.
The alternatives program is a meaningful component of the total portfolio. Private equity commitments span buyout, growth, and distressed strategies across domestic and international markets. Real estate investments include core and value-add funds. Infrastructure allocations target stable, cash-yielding assets in transportation, energy, and utilities sectors.
OP&F has been investing in alternatives for over 15 years and has built a mature program with strong vintage year diversification. The fund balances its alternatives portfolio between income-generating strategies and growth-oriented investments.
How to Approach
Fund managers should contact the OP&F investment team in Columbus. The system evaluates managers through a thorough due diligence process that examines performance, process, people, and terms. OP&F values long-term partnerships and tends to build concentrated relationships with high-quality managers. Introductions through consultant networks or industry conferences are effective.
Frequently Asked Questions
What is OP&F's alternatives allocation?
OP&F allocates approximately 20% of its $16 billion portfolio to alternative investments, including private equity, real estate, and infrastructure. This represents roughly $3.2 billion in alternatives commitments.
What strategies does OP&F invest in?
OP&F's private equity portfolio includes buyout, growth equity, and distressed strategies. The real estate program spans core and value-add funds. Infrastructure investments target essential-service assets. Typical commitments range from $25 million to $100 million per fund.
How should GPs approach OP&F?
GPs should contact the OP&F investment team in Columbus, Ohio. The fund evaluates managers based on track record, team depth, strategy differentiation, and fee structure. OP&F works with investment consultants and attends industry conferences. Initial outreach should include a fund summary and performance history.
