Private Equity
Private Equity seeks superior long-term returns with an illiquidity premium, while enhancing diversification across strategies, sectors, and geographies.
The portfolio is implemented through external managers, with selective co-investments to deepen exposure and improve capital efficiency.
The portfolio is primarily allocated to Corporate Finance (50–90%), with smaller allocations to Venture Capital (0–30%) and Special Situations (0–30%). Co-investments and direct investments may comprise up to 35% of market value. Manager concentration is limited to 20%, and geographic allocations are constrained to 50–70% U.S. and 30–50% Non-U.S., with further limits on emerging markets.
| Private Equity Unaudited Quarterly Summary as of 12/31/2025 | |
|---|---|
| Total Market Value: | $16.0 billion (14.0% of OPERS DB Fund) |
| Quarter Return: | 1.76% (Benchmark Return: 2.91%) |
| Year To Date Return: | 8.45% (Benchmark Return: 10.09%) |
Manager selection emphasizes sector expertise and value creation. Performance is benchmarked to the State Street Private Equity Index, with risk managed through disciplined pacing, diversification, and policy-based constraints.