Oregon Public Employes' Retirement Fund, Sa lem, committed $250 million to Doughty Hanson, a fund that invests in private companies in northern Europe; $50 million to a fund being raised by Wellspring Capital Partners; and $75 million to an Oaktree Capital fund. Wellspring a nd Oaktree specialize in buying distressed debt and equity.
Meanwhile, Columbia Management, which runs about $910 million in U.S. equities for the $25 billion fund, remains under scrutiny. Columbia executives told Oregon Investment Council members Wednesday that the $400 million purchase of Columbia by Fleet in mid-August will bring stability and new distribution opportunities to Columbia. But council members, who placed Columbia on a watch list earlier this year, said they still aren't sure how the transaction benefits the state employees.
Illinois Municipal Retirement Fund, Oak Brook, committed $50 million to the Prudential Strategic Value Investors Program, a REIT fund. The funding will come from the $11.5 billion fund's cash reserves. Institutional Property Consultants assisted.
Sanwa Bank in Osaka, Japan, named PanAgora Asset Management to manage ¥5 billion ($45 million) global equities portfolio for its pension fund. PanAgora's chief executive Bruce Clarke said funding of that allocation is expected Oct. 1. PanAgora manages pension money in Japan as a subadviser to Nissay Asset Management, a unit of Nippon Life.
City of Roanoke (Va.) Pension Plan added three value equity mutual funds to its $255 million portfolio. Trustees allocated $6 million each to: the Windsor II Fund run by Barrow, Hanley, Mewhinney and Strauss; MAS Value Portfolio of Miller Anderson & Sherrerd; and The Municipal Employees Equity Fund of Oppenheimer Capital. Funding came from the termination of Newbold's early this year. Fiduciary Capital Advisors assisted.