The Oregon Investment Council, which manages the $90 billion Oregon Public Employees Retirement Fund, Tigard, committed a combined $1.2 billion to seven alternative investment managers, CIO Rex Kim reported at the council meeting.
The council committed $250 million to AEW Essential Housing Fund, managed by AEW Capital Management. Another $250 million was committed to Cube Infrastructure Managers for its Cube Infrastructure Fund III as well as a co-investment sidecar vehicle, the Wednesday report said.
OIC also committed $150 million each to Stonepeak Global Renewables Fund, a renewable energy fund managed by Stonepeak Infrastructure Partners; NGP Royalty Partners and a co-investment sidecar fund, both managed by NGP Energy Capital Management; Alpine investors VIII, a buyout fund managed by Alpine Investors; and Sprott Private Resource Streaming & Royalty Fund and a co-investment sidecar managed by Sprott Asset Management.
And the council committed $100 million to Advent Global Technology II, a technology-focused private equity fund managed by Advent International.
Separately, the council hired Fidelity Institutional Asset Management to run up to $500 million in an investment-grade fixed-income portfolio, and Beach Point Capital Management for up to $250 million in non-investment-grade bonds.
The managers were hired as a result of asset allocation changes made in 2019 after a strategic fixed-income portfolio review. The selections were made following invitation-only searches. The pension fund had $18.7 billion in fixed income as of June 30.