Oregon Investment Council, Tigard, which oversees the $56 billion Oregon Public Employees Retirement Fund, Salem, committed $1.3 billion to KKR Millennium Fund II and $187.5 million for a co-investment with KKR. Fund officials also committed $150 million to Keystone Industrial Fund, managed by KTR Capital Partners, and $50 million for a co-investment with KTR, said Kevin Max, spokesman. KTR is a real estate-focused private equity firm recently formed by the senior executives of Keystone Property Trust.
Separately, fund officials included value-added strategies to its $3 billion real estate portfolio. The new real estate allocation is 50% core and REITs, 20% value added and 30% opportunistic; the previous allocation was 70% core and 30% opportunistic. They also included global real estate in the fund's real estate investment policy, which should result in manager searches in that strategy, Mr. Max said.