Oregon Investment Council, Tigard, which runs the $67 billion Oregon Public Employees Retirement Fund, committed $500 million to private credit funds Centerbridge Special Credit Partners III and Centerbridge Special Credit Partners III-Flex, spokesman James Sinks said.
The council's commitment is allocated $125 million to Fund III and $375 million for Fund III-Flex. The two funds are being raised together, with limited partner commitments being allocated 25% to Fund III and 75% to Fund III-Flex.
Centerbridge Partnersis targeting $5 billion for the two funds, which will invest in senior loans and high-yield bonds issued by middle- and large-market companies in North America and Europe.
The council has invested in previous Centerbridge funds. Private equity consultant TorreyCove Capital Partners assisted.
Separately, the council committed $150 million to ACON Equity Partners IV, managed by ACON Investments. This is the council's first investment with ACON.
