Oregon Investment Council, Tigard, which runs the $61.1 billion Oregon Public Employees Retirement Fund, Salem, invested $100 million in the Callan Micro Cap Value Equity Fund, said James Sinks, spokesman.
The multisubadviser portfolio is managed by Callan Associate's Callan Trust Advisory Group, which has managed a small-cap core portfolio for the council since February 2011.
The council had originally allocated 1% of fund assets to microcap value in 2010 but staff discovered during the search process that all of the strategies of the “good asset managers” were closed to new investments, according to a staff memo for the council's Feb. 20 meeting. Late last year, previously closed investment strategies began to open. There was no RFP.
Separately, the council expects to commit $2 billion annually to private equity in 2013 and 2014, increasing the commitment slightly to $2.1 billion in annual commitments through 2020, according to the council's 2013 private equity plan. Private equity consultant TorreyCove Capital Partners assisted.