Arkansas Local Police & Fire Retirement System (LOPFI)

Arkansas Local Police & Fire Retirement System (LOPFI)

The Arkansas Local Police & Fire Retirement System (LOPFI) is a public defined-benefit pension fund established under state statute to serve police officers and firefighters employed by Arkansas municipalities. David Clark serves as Executive Director. The fund is governed by a Board of Trustees chaired by John Neal. LOPFI allocates capital across a diversified portfolio that includes public equities, fixed income, real estate, infrastructure, and venture capital. Its venture capital program is notable for its breadth: the strategy covers early-stage, growth-stage, and fund-of-funds investments. Real estate holdings include direct properties such as its Little Rock headquarters and interests in REITs. The fund co-invests alongside managers like JP Morgan Investment Management in real estate and infrastructure. Geographic exposure concentrates in the US with selective venture investments nationally. The fund manages approximately $3.3B in total assets. Leadership includes CFO Jen Sines, legal counsel Ben Honaker, and board vice-chairman J. Scott Baxter. LOPFI also participates in industry groups such as the National Conference on Public Employee Retirement Systems (NCPERS) and the International Foundation of Employee Benefit Plans (IFEBP). LOPFI's structural differentiator is its singular focus on Arkansas public safety employees, operating with a cost structure typical of a small-to-midsize state pension fund. Its venture capital allocation is proportionally larger than many peers of similar size. The fund relies on external investment managers for most asset classes, functioning primarily as an allocator rather than a direct investor.