Oregon Public Employees Retirement Fund, Salem, may increase its venture capital allocation to as much as $350 million from its current $140 million. Randolph Edwards, state treasurer, will recommend the $33 billion system make the increase when the Oregon Investment Council meets May 28. "Were underweighted in venture cap even though were at the top of our private equity allocation, which is 13% of total assets, he said. "But the bias has been toward buyouts, and this is probably a good time to look at increasing venture cap, he said. Funding would come from cash.