Oregon Investment Council, Tigard, which oversees the $68 billion Oregon Public Employees Retirement Fund, Salem, committed $860 million to six alternative investment funds, spokesman James Sinks said in an e-mail.
The council committed $250 million each to private equity fund Permira VI and real estate fund DivcoWest Fund V.
Permira executives expect to invest the fund's capital in mid- to large-sized buyouts in European businesses. This is a new relationship for the council.
DivcoWest Fund V is a value-added fund. DivcoWest is an existing manager.
The council also committed $150 million each to Warwick Partners III and Owl Rock Capital Corp. and a total of $60 million to Mayfield XV and Mayfield Select Fund.
Warwick Partners III is an energy fund managed by Warwick Energy Group. It is a new relationship. Owl Rock Capital Corp. invests in credit and is managed by Owl Rock Capital Partners, which was formed in February. Mayfield is a venture capital firm and an existing manager for the council.
Separately, the council extended the contract of its real estate consultant, Pension Consulting Alliance, for two years ending June 30, 2018. Council officials expect to issue an RFP at that time.
The council also extended the contract of SageView Advisory Group, the consultant for its $1.7 billion 457 plan, until August 2017 while the staff conducts a strategic review of the firm. The council was a client of consulting firm Arnerich Massena but was transitioned to SageView earlier this year as part of a planned transfer of select Arnerich Massena defined contribution/deferred compensation plan clients to SageView.
The council also relaxed the requirements for the 457 plan's self-directed brokerage account, which has 0.4% of plan assets. Plan participants' minimum balance to invest in the brokerage account was reduced to $5,000 from $10,000 and participants' maximum brokerage account allocation was raised to 90% from 50%.
