Oregon Investment Council, Tigard, which runs the $66.5 billion Oregon Public Employees Retirement Fund committed €250 million ($282 million) to European buyout fund Cinven VI, said James Sinks, spokesman, in an e-mail.
The fund is expected to make investments of €150 million to €500 million in companies with enterprise values of €300 million or more.
The latest fund will see a leadership change as Hugh Langmuir, a founding partner, stepped back as head of the firm in 2015 to become executive chairman. He was replaced in September by Stuart McAlpine, who was promoted to managing partner from partner, a staff report to the council states.
Oregon Investment Council also invested in prior Cinven funds, including the firm’s fifth fund. Staff has also served on Cinven’s advisory board.