Oregon Investment Council, Tigard, at its Wednesday meeting committed $100 million each to private equity distressed debt funds Centerbridge Capital Partners II and WLR Recovery Fund V, said spokesman James Sinks.
The Centerbridge fund has a target of $3.75 billion. The council committed $200 million to Centerbridge’s first fund, according to agenda materials from the meeting. Blackstone Group’s placement agent subsidiary, Park Hill Group, is helping to raise Centerbridge’s second fund.
The WLR fund has a $4 billion target to make control investments in companies that are bankrupt or reorganizing, according to the agenda materials. The council already has committed $200 million to WLR’s fourth recovery fund.
The commitments are all subject to satisfactory contract negotiations.
The council manages the $54 billion Oregon Public Employees’ Retirement Fund, Salem.