Ohio Police & Fire Pension Fund MINUTES Board of Trustees Investment Committee/Board 140 East Town Street, Columbus, Ohio March 30, 2016 Call to Order: The meeting was called to order at 8:32am In Attendance: Committee Members/Trustees: Deighton, Maloney Stifler, Montgomery, Moore, Patton, Roulston, Wainscott and Desmond Absent: Heller Staff: Abankwah, Bader, Eichhorn, Foley, Gallagher, Gatewood, Graham, Hall, Holodnak, Luke, J. Miller, S. Miller, Robinson, Weston Others Present: David Lindberg, Jonathan Miles, Calvin Born, and John Patterson of Wilshire Associates; Mike Krems of TorreyCove; Jeff Leighton of The Townsend Group; Andrew Feldstein, Stephen Siderow, and Susan Mason of Blue Mountain Capital Management LLC; Alexandra Hess and Jonas Nilsson of Cinven; Andrew Preda of Grosvenor Capital Management; Aristotle Hutras of Aristotle Group; Jeffrey Bernard and Ashley Wilson of the Ohio Retirement Study Council Excuse Mr. Heller: Mr. Desmond moved, and Mr. Patton seconded a motion to excuse Mr. Heller from the March 2015 Board meeting. The motion passed with the roll call vote as follows: Ayes: Deighton, Maloney Stifler, Montgomery, Moore, Patton, Roulston, Wainscott, and Desmond Nays: None INVESTMENT COMMITTEE/BOARD ITEM H: Monthly Portfolio Valuation Update – Mr. Hall provided an update on the OP&F investment portfolio. OP&F’s total investment portfolio ended February 2016 at $13.20 billion with an estimated return of -3.41% year-to-date. ITEM I: Multi Strategy Recommendation (Blue Mountain Credit Alternatives Fund): 2016 03 003 IC – Staff and Wilshire presented their research, analyses and recommendation in the Multi Strategy closed manager search. Based on their rankings, staff and Wilshire recommended an investment in Blue Mountain Capital Management LLC through a fund vehicle, Flight Fund I, managed by Grosvenor Capital Management. Representatives from Blue Mountain were invited to make a presentation to the Board concerning the Blue Mountain Credit Alternatives Fund. The Board approved staff’s and Wilshire’s recommendation to invest in Flight Fund I. The motion passed with the roll call vote as follows: Mr. Roulston moved and Mr. Montgomery seconded a motion that the Board accepts the recommendation of Investment Staff and Wilshire to invest in Flight Fund I, managed by Grosvenor Capital Management, L.P., upon the terms outlined in Investment Staff’s memorandum dated March 30, 2016 and attached supplemental materials and such other terms favorable or protective to OP&F, as determined by the Executive Director. Ohio Police & Fire Pension Fund MINUTES Board of Trustees Investment Committee/Board 140 East Town Street, Columbus, Ohio March 30, 2016 Ayes: Deighton, Maloney Stifler, Montgomery, Moore, Patton, Roulston, Wainscott, and Desmond Nays: None ITEM J: Private Markets Recommendation (Cinven): 2016 03 004 IC – Investment staff and TorreyCove, OP&F’s Investment Adviser, presented their analyses and recommendation to invest up to €31.2 million (approximately $35 million) in Cinven Sixth Fund L.P. Representatives from Cinven were in attendance and presented this latest fund offering to the Board. The Board approved staff’s and TorreyCove’s recommendation to commit up to €31.2 million to Cinven Sixth Fund L.P. The motion passed with the roll call vote as follows: Mr. Roulston moved and Mr. Patton seconded a motion that the Board accepts the recommendation of Investment Staff and Investment Adviser for a Capital Commitment of up to €31,200,000 to Cinven Sixth Fund, L.P., upon the terms outlined in Investment Staff’s memorandum dated March 30, 2016 and attached supplemental materials and such other terms favorable or protective to OP&F, as determined by the Executive Director. Ayes: Deighton, Maloney Stifler, Montgomery, Moore, Patton, Roulston, Wainscott, and Desmond Nays: None ADJOURNMENT: The Board/Committee adjourned at 11:27am ___________________________________ John J. Gallagher Jr. Executive Director Materials Provided/Attached: 1. Monthly Portfolio Valuation Update as of 02/29/16 – Handout. 2. Memo from Bret Luke and Ted Hall regarding Blue Mountain Credit Alternatives Fund dated March 30, 2016. 3. OP&F presentation regarding Blue Mountain Capital Management LLC dated March 30, 2016. 4. Memo from Wilshire Associates regarding Blue Mountain Capital Management dated March 30, 2016. 5. Wilshire Hedge Fund Quantitative Profile report regarding Blue Mountain Credit Alternatives Fund Ltd. 6. Wilshire Manager Research report on Blue Mountain Capital Management LLC dated July 28, 2015. 7. Presentation from Blue Mountain Capital Management LLC dated March 2016. 8. Memo from Jennifer Weston, Bret Luke and Ted Hall regarding Cinven Sixth Fund, L.P. dated March 30, 2016. 9. Memo from TorreyCove regarding Cinven Sixth Fund, L.P. dated March 16, 2016. 10. Investment Analysis from TorreyCove regarding Cinven Sixth Fund, L.P. dated March 14, 2016. 11. Presentation from Cinven dated March 2016. .