Officials for the $20 billion Oregon Public Employes' Retirement System, Salem, set a timetable for hiring active equity managers to run as much as $4 billion, and committed $75 million to a private equity fund, said Fred McDonnal, executive director.
The Oregon Investment Council is scheduled to meet with large-cap growth managers in June, small-cap value in July, small-cap growth in August, and core or market-driven managers in September. The managers chosen for presentations will result from staff recommendations made with the assistance of consultants Wilshire and Frank Russell. The assets will come from $4 billion worth of terminations and reductions of managers that occurred late last year. Oregon officials have yet to decide how much of that will remain in passive portfolios, where it was parked with BZW.
Also, the council added $75 million to a commitment of $50 million to communications and media private equity funds run by Providence Equity Partners.
Separately, the council gave Oregon PERS staff the authority to make alternative equity deals up to $75 million in size, capped at $300 million a year, without prior approval of the council. Any deals will be struck from prospective lists that the council has access to.