Searches and Hires

Oregon adds $400 million to alternatives, rehires TorreyCove

Oregon Investment Council, which runs the Tigard-based $76.2 billion Oregon Public Employees Retirement Fund, committed $400 million to two alternative investment funds, according to documents for the council's Oct. 31 meeting.

The council made a follow-on commitment of $250 million to an existing General Atlantic private equity separate account. In 2015, the council committed up to $250 million to General Atlantic for a separate account making later-stage growth investments in five sectors — business services, financial services, health care, Internet and technology, and retail and consumer — in the United States, Europe, Latin America, India, China and Southeast Asia.

The council also committed $150 million to Digital Colony Partners, an infrastructure fund managed through a joint venture between Digital Bridge Holdings and Colony NorthStar. The pension fund has not previously invested with Digital or Colony NorthStar.

Separately, Oregon Investment Council at its Oct. 31 meeting rehired TorreyCove Capital Partners as its $6.7 billion alternatives portfolio consultant, spokesman James Sinks said in an email.

TorreyCove's current contract as alternatives and opportunity portfolio consultant was set to expire on Dec. 31. On June 8 the Council launched an RFP to search for an alternatives portfolio consultant.

At the same time, the council extended for two years, ending Dec. 31, 2020, TorreyCove's contract to provide due diligence and monitoring for the pension fund's $1.7 billion opportunity portfolio.

Separately, the council extended the contracts of its general investment consultants Callan and Pension Consulting Alliance for two years, expiring Dec. 31, 2020. Callan and PCA initially were hired for three-year contracts with no more than two three-year extensions with contracts starting on Jan. 1, 2014.