Oregon Investment Council, Tigard, which oversees the $48 billion Oregon Public Employees Retirement System, Salem, hired Wells Capital Management to run $500 million in active domestic large-cap growth equities, said Kevin Max, spokesman. The council could increase Wells Capitals' mandate up to $750 million. Wells Capital will replace TCW Group, which was terminated because of organizational changes over the past year, Mr. Max said.
Separately, the council approved $550 million in private equity and real estate investments, with funding to come from cash, Mr. Max said. The council committed $200 million to the RREEF America II; $100 million each to Elevation Partners LP, KKR Europe and Rockpoint II Real Estate funds; and $50 million to Montauk TriGuard Fund III.
The council also modified its asset allocation, increasing its private equity target to 12% of total assets from 10%, Mr. Max said.
