Searches and Hires

Oregon commits up to $2 billion to 8 vehicles

Updated with correction

Oregon Investment Council, which runs the Tigard-based $75 billion Oregon Public Employees Retirement Fund, committed up to $2 billion to eight alternative investment vehicles.

The council on Jan. 31 committed up to $500 million to Blackstone Capital Partners VIII, a buyout fund, and $300 million to Blackstone Real Estate Partners IX. Oregon has invested in Blackstone Group's private equity funds since 2011.

The fund also committed $400 million to Brookfield Infrastructure Fund IV, spokesman James Sinks said in an email. Brookfield's infrastructure fund has a $17 billion fundraising target. The council has invested with Brookfield Asset Management since 2013, including a $400 million commitment to Brookfield Infrastructure Fund III in 2016.

Oregon Investment Council also committed $300 million to EQT Infrastructure IV and $250 million to a real estate separate account, DivcoWest Core-Plus. Oregon has invested with EQT and DivcoWest in the past, including EQT Infrastructure III and DivcoWest Fund V.

The council also committed $200 million to a growth equity fund investing in China, ClearVue Partners III managed by ClearVue Capital, a new relationship. Oregon also committed $50 million to venture capital funds USV 2019 and USV Opportunity 2019, managed by Union Square Ventures. Oregon has invested with Union Square Ventures in the past.

Separately, the council expects to commit $2.5 billion to $3.5 billion to private equity in 2019, making 10 to 15 private equity commitments of $100 million to $500 million each. Also, the council plans to relaunch its co-investment program this year.

Oregon Investment Council also amended its set of investment and management beliefs, which it put in place to help guide day-to-day decision-making and investment priorities.

The new investment belief states: "By embracing and enhancing diversity and inclusion efforts, the OIC ensures that the investment program will be exposed to and informed by a wide range of perspectives, ideas and opinion ... (that) will ultimately produce better investment outcomes."