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The fund was started in 1991 with an initial investment of $20M from the Missionary Oblates of Mary Immaculate. In 1999 the OIP Investment Trust was formed in the US as a 501(c)(3) not for profit charitable religious trust.

At the onset, the fund invested primarily in fixed income securities domiciled in Canada and Germany, but has evolved. Today the OIP Investment Trust offers a globally diversified fund investing in over 80 countries across multiple asset classes including both liquid and illiquid assets.