SALEM, Ore. — The Oregon Investment Council revamped its $1.35 billion active domestic large-cap growth equity portfolio. The council, which manages assets for the $43.6 billion Oregon Public Employees Retirement Fund, Salem, hired Ark Asset Management and TCW to manage $450 million each, and reduced Alliance Capital's portfolio to $450 million. The changes stem from last year's termination of Oak Associates, which had run a $423 million large-cap growth portfolio.
The council also trimmed a combined $115 million from REIT managers Cliffwood Partners, LaSalle Securities and Cohen & Steers. Some $50 million of that will fund a new separate account run by Woodbourne Advisors, which will invest in preferred stock and possibly unsecured debt issued by publicly traded REITs. The balance is being transferred to existing fixed-income managers.
Separately, the council committed $75 million to 2003 Riverside Capital Appreciation Fund, which will invest in the smaller buyouts.
The council also picked Credit Suisse First Boston as gatekeeper for a new in-state fund-of-funds venture capital program. The Oregon Legislature last year mandated that Oregon PERF commit at least $100 million in emerging venture capital funds investing in the state by 2008.