Oregon Investment Council commits to buyout fund, hires Dimensional for microcap

Oregon Investment Council, Tigard, which runs the $61 billion Oregon Public Employees Retirement Fund, Salem, committed $75 million to buyout fund Riverside Capital Appreciation Fund VI and invested an initial $150 million in Dimensional Fund Advisors' active microcap equity strategy, said fund spokesman James Sinks.

Riverside Capital Appreciation Fund VI has a $1 billion target to invest in the small end of the U.S. private equity market. The council has invested in three prior funds by the Riverside Co.'s Riverside Capital Appreciation funds.

Private equity consultant TorreyCove Capital Partners assisted.

Also, at the council's Jan. 23 meeting, it approved an option to increase the amount invested with Dimensional to $300 million. Oregon Investment Council set aside a 1% suballocation to microcap equities in 2010, but many of the most favorable managers' strategies were closed to new investments.