Oregon Investment Council, Tigard, which manages the $59.6 billion Oregon Public Employees’ Retirement Fund, hired Axiom International Investors to run $222 million in emerging markets equities for the pension fund.
Also, Arrowstreet Capital was hired to run $33 million, also in emerging markets equities, for the state’s $1.1 billion Common School Fund.
They replace Pictet Asset Management, which managed the assets for both the pension and school fund, because of organizational changes.
The council also put $500 million in a new internally managed Russell/RAFI large-cap fundamental index strategy, with approval to increase the portfolio to $1 billion. Half of the funding is from reducing accounts of active domestic large-cap managers and half from reducing BlackRock Russell 1000 Growth and 1000 value index funds.
The council agreed to invest $500 million to Prologis Global Strategic Venture for global industrial real estate, including $100 million to invest in European warehouses.
The council also committed $100 million each to infrastructure fund Highstar Capital IV and NPG Natural Resources X as well as $75 million to private equity fund TPG Growth Fund II, said James Sinks, spokesman.
The Highstar commitment is the council’s first infrastructure investment, Mr. Sinks said. It has a $2 billion fundraising target. NPG has a $4 billion fundraising target, while TPG Growth has a $2 billion target.