Oregon Investment Council, Tigard, which oversees the $55 billion Oregon Public Employees Retirement Fund, Salem, hired Pictet to manage up to $250 million in active emerging markets equities, following an RFP issued last year, said Kevin Max, spokesman. Pictet replaces Wells Capital, which managed a $250 million similar-style portfolio. "Staff and consultants had concerns about future returns" and Wells had been on and off the Council's watchlist in part for performance, turnover and style drift in the last couple of years, he said. Sheila Olson, communications manager for Wells, said the firm's corporate policy is not to discuss client matters.
The council also committed up to $300 million to TPG Partners Fund V, a buyout fund targeted to raise $10 billion; $125 million to Fortress Investment Fund IV, a real estate fund with a $3 billion target; $100 million to IL & FS India Realty Fund, a real estate fund with a $300 million target that will invest in commercial, urban renewal, residential and other growth real estate assets in India; $50 million to OVP Ventures Partners Fund VII, a venture capital fund with a $200 million target and a cap of $250 million; and $40 million to Focus Ventures III, a venture capital fund with a $250 million target.