Oregon Investment Council, Tigard, which runs the $78.9 billion Oregon Public Employees Retirement Fund, committed $1.12 billion to five alternative investment funds, said James Sinks, spokesman, in an email.
The council at its meeting Thursday committed €300 million ($367 million) to Bridgepoint Europe VI a middle market buyout fund investing in Western Europe managed by Bridgepoint Advisers. The fund has a €5 billion target. It is a new relationship.
Also, the council's alternatives portfolio committee committed $200 million each to Warwick Partners IV, an energy fund managed by Warwick Energy Group, EnCap Flatrock Midstream Fund IV and LS Power Equity Partners IV, an energy private equity fund managed by LS Power Equity Advisors. The Warwick commitment includes co-investment potential. Only LS Power is a new relationship.
The council's private equity committee also committed $150 million to Orchid Asia VII, a middle-market buyout fund investing in China managed by Orchid Asia Group. This is a new relationship for the pension fund.
Separately, the council redeemed roughly $924 million from two real estate investment trust managers as part of its plan to reduce the portfolio's REIT exposure. The council redeemed about $854 million from LaSalle Investment Management and about $70 million from Cohen & Steers Capital Management (CNS).
It also terminated its roughly $430 million real estate debt separate account with Talmage. The council initially made a $300 million commitment in 2008 and an additional $125 million commitment to the Talmage separate account in 2012. Further information was not available at press time.