Oregon Investment Council, Tigard, committed $750 million to hedge fund manager AQR Capital Management and up to $250 million to private equity manager General Atlantic for a managed account, said Michael Cox, spokesman, in an e-mail.
The investment council, which runs the $69.7 billion Oregon Public Employees Retirement Fund, Salem, has invested with AQR since 2006. The council voted at its Sept. 9 meeting to commit an additional $500 million for AQR's Style Premia Fund, which invests in specific investment styles or factors and an additional $250 million to AQR's multistrategy Delta fund. The council had committed $100 million to the AQR Delta Fund in 2011 and $200 million to the AQR Style Premia Fund in 2013.
General Atlantic is a new relationship. Oregon's separate account will primarily make 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.
Separately, the council hired Michael Langdon, former head of Hermes GPE's U.S. office, as its new senior private equity investment officer, replacing Jay Fewel, who retired in February 2014. Mr. Langdon became an outside consultant with Hermes GPE in April when the firm moved its U.S. office to New York from Boston.
Also, the council extended the contract of its private equity consultant, TorreyCove Capital Partners, for one year, ending Dec. 31, 2016. Mr. Langdon will spearhead an RFP process sometime next year. Council investment policy requires contracts to be put out to bid after seven years; TorreyCove's contract will be at eight years on Dec. 31, 2015.