Oregon Investment Council, Tigard, committed $700 million to TPG Capital Partners Strategic Account, a buyout fund, and $250 million to TPG Special Situations Adjacent Opportunities Partners, spokesman James Sinks said.
TPG Capital Partners Strategic Account is an interim fund that aims to raise a minimum of $1.6 billion and a maximum of $2 billion to provide investment capital in between the expiration of the investment period of the firm’s last buyout fund, TPG Partners Fund VI, and its next buyout fund, TPG Partners Fund VII, late this year or early 2015, according to materials for Wednesday’s council meeting. This fund will include only “a handful” of TPG’s longest duration and largest investors.
Oregon Investment Council, which runs the $67.1 billion Oregon Public Employees Retirement Fund, Salem, invested in all six other TPG Capital buyout funds, including a $750 million commitment to the sixth buyout fund.
TPG Special Situations Adjacent Opportunities Partners is a sidecar open to another special situations fund, TPG Opportunities Partners III. It aims to raise $2 billion from a select group of founding limited partners. The fund will co-invest on larger deals and invest in so-called adjacent opportunities such as drug royalties, infrastructure special situations, European “bad bank” whole loan purchases and mortgage servicing rights.
Private equity consulting firm TorreyCove Capital Partners assisted on both.
Separately, effective Feb.1, John Hershey, senior investment officer, will assume the position of director of alternative investments, and Perrin Lim, senior investment officer, will assume the position of director of capital markets. Both positions are new.
Mr. Hershey will lead the group overseeing for alternative, opportunistic, real estate and private equity strategies. Mr. Lim will head the team overseeing public equities and fixed-income portfolios.
Messrs. Hershey and Lim will retain their previous duties.
