The Fairfax County Police Department’s $2 billion pension fund plans to add cryptocurrency investment managers this month, furthering its years-long strategy in alternative finance.
The Fairfax County Police Officers Retirement System has invested in the emerging financial space since 2019, starting with blockchain technology, and it’s now slated to add two more fund managers who could get a share of the profits.
Katherine Molnar, the chief investment officer for the fund, discussed the expected move on a panel about alternative financial investments at the Milken Institute Global Conference in Beverly Hills, California, on May 3.
“Along with our sister plan, the Fairfax County Employees’ Retirement System, we believe that we’re the first two public pensions in the U.S. to have allocated to this space,” Molnar said.
The new investments involve yield farming, a cryptocurrency strategy that’s been likened to interest on savings for traditional bank customers. The return on the investments could be between 4% and 1,000%, Molnar said.
According to the county, the pension fund already has a revenue-sharing agreement with the firm Parataxis Capital, and the police retirement system’s Board of Trustees is considering two more such agreements with the yield-farming additions.
Fairfax County police officers contribute 8.65% of their regular pay to the department’s pension fund, which increased 23.3%, or nearly $409 million, during the previous fiscal year that ended June 30, 2021.
According to Molnar, third-party managers direct the crypto investment funds to blockchain technology and infrastructure for cryptocurrency markets, such as digital wallets. The county said its investments also support cryptocurrencies and digital assets.
“I’ve allocated about…5% to this space,” Molnar said, adding that target investments have seen considerable growth but also complicated rebalancing efforts.
According to an annual report for the pension fund, commission percentages range from 0.05% to o.24%, costing $136,249 in base commissions for fiscal year 2021. Management, custodial and consulting fees, and other expenses costed $19.7 million during that time.
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Camps are just the beginning of what’s in store at Art House 7 this summer. We’re thrilled to offer an array of exciting classes for both kids and adults!Rediscover your creativity with some of our AH7 favorites, such as drawing, hand-sewing, modern embroidery, and our popular 3-week Jump into Crochet classes. But that’s not all! We’ve added some fresh and exciting options to our summer class selection, guaranteed to spark your imagination.
To enhance your artistic journey, we have intensified some of our Ceramics: The Wheel classes to a full 3-hour duration. This extended time allows for more creativity and skill development in each class session. If you’re eager for a captivating twist, give Contemporary Still-Life Drawing & Painting a go. Or why not try an immersive outdoor painting adventure? We have a unique opportunity for you to bring your painting skills to life while learning and creating in the great outdoors with our Landscape Painting: Studio and Plein Air class!
We invite you to visit our website and explore our full Summer Session schedule, brimming with a diverse range of classes and camps. Classes and camps begin June 20th. Unleash your inner artist, broaden your horizons, and embark on a summer adventure like no other. Let’s make this a summer to remember at Art House 7!
Potomac Harmony Chorus has a new director! We’re ready
to kick off the season with new music, a new approach, and YOU!
Potomac Harmony is one of 500 choruses in Sweet
Adelines International. We’re a vibrant,
contemporary, inclusive, welcoming, and open community of women singers who
perform four-part harmony, barbershop style, committed to a high level of
achievement through teaching, mentoring, personal growth, and performance. Our vision is to entertain, educate, and
enrich lives through musical expression while promoting the barbershop art
form.
Potomac Harmony recently had our first performance
with our new director, receiving rave reviews! We invite you to stop by any Wednesday
evening and be part of the fun and harmony!
Army Birthday Festival – Free and Fun
Make Saturday, June 10, 2023 a great day!
Come celebrate the Army Birthday Festival at the National Museum of the U.S. Army from 9:00 a.m. – 5:00 p.m. Rain or Shine!
• Experience outdoor and indoor fun activities, for all
Unveiling of West Ford historical highway marker
Gum Springs will be celebrating 190 years of its founding by freedman West Ford on Saturday, June 17, 2023. To kick-off the celebration, there will be an unveiling of a Virginia historical highway marker for West Ford on Fordson Road
