Oregon Investment Council, which runs the $74.5 billion Oregon Public Employees Retirement Fund, Tigard, is expected to launch a search later this year for a real estate investment consultant, spokesman James Sinks said in an email.
The contract of incumbent PCA, now Meketa Group, is set to expire June 30, 2020. The dates for the RFP process have not yet been determined. Meketa would be invited to rebid.
Separately, the council committed $1.1 billion to alternative investment funds, Mr. Sinks said. It committed $250 million each to Pathway Private Equity Fund C-III, a private equity fund managed by Pathway Capital Management; Bridgewater Optimal Portfolio managed by Bridgewater Associates; and GMO Systematic Global Macro managed by Grantham Mayo van Otterloo & Co.
The Pathway private equity co-investment fund would manage systemic co-investment strategies, while the Bridgewater portfolio is risk parity focused. GMO Systematic Global Macro is a global macro fund investing in exchange-traded futures and forward foreign exchange contracts, among other investments. All three are new relationships for the pension plan.
The council also committed $200 million to Genstar Capital Partners IX, a middle market private equity fund, and $150 million Northern Shipping Fund IV, managed by Northern Fund Management America, which will provide private equity and mezzanine debt financing to the shipping and energy sectors. The pension plan has invested with both managers in the past.
Separately, council officials expect to commit $800 million to $1.3 billion in new real estate commitments in 2019, according to the latest real estate portfolio review. The commitments are expected to consist of four to six commitments of $150 million to $300 million each. The pension fund has a 11% real estate allocation.