In the spring of 2021, the Board of Trustees affirmed an Investment Committee decision to prohibit commitments to private equity funds devoted to oil and gas investments. No commitments to such funds have been made since 2017. Exposure to fossil fuel investments is expected to decline over the next several years as existing investments fully liquidate.
On June 30, 2021, the portfolio’s exposure to fossil fuels was 2.9%, down from 3.7% a year earlier. During FY21, the value of the portfolio’s fossil fuel exposure increased to $94.5 million from $84.7 million the year before as the value of private equity oil and gas interests recovered. Despite this increase, exposure as a percent of the portfolio fell as managers’ holding of public equity declined and other parts of the portfolio outperformed energy.