Oregon Investment Council, Tigard, made a follow-on commitment of up to $50 million to Sheridan Production Partners II-B, raising the council’s total commitment to a maximum of $150 million, said spokesman James Sinks.
The commitments are all subject to contract negotiations.
Sheridan is a joint venture between private equity firm Warburg Pincus and Lisa Stewart, CEO of Sheridan, which invests in mature oil and gas properties that have not been maintained or are in decline and hedges the gas and oil production to mitigate volatility.
The council committed $100 million to the venture at its Sept. 28 meeting and committed $100 million to an earlier partnership in April 2007.
The council manages the $54 billion Oregon Public Employees Retirement Fund, Salem.