Oregon Investment Council, Tigard, which runs the $92.9 billion Oregon Public Employees Retirement Fund invested up to $1 billion in the BlackRock Russell 3000 Index Fund, adding a new passive all‐cap equity strategy to its portfolio.
The council added the mandate to provide its $43.2 billion public equity portfolio with broad U.S. market exposure, low investment management fees, a reduction in the portfolio's ex‐ante tracking error and an additional liquidity source for the entire pension fund portfolio
Also at its Wednesday meeting, the council shifted the $1.6 billion Dimensional Fund Advisors' U.S. large-cap portfolio to a DFA U.S. All Cap Core Equity Market mandate. The council made the switch to reduce its public equity portfolio's value tilt. The DFA U.S. large-cap mandate was benchmarked to the Russell 1000 index; the new mandate is benchmarked to the Russell 3000 index.
Separately, Oregon committed a total of about $790 million to alternatives, Rex Kim, Oregon's chief investment officer, reported.
The pension fund committed €300 million ($324 million) to buyout fund CVC Capital Partners IX. It also committed $200 million to Ascentris-OR Partners, an existing separate account managed by real estate firm Ascentris, and $200 million to a hedge fund managed by Dorsal Capital Management.
Oregon also committed $30 million to Mayfield XVII, an early stage venture capital fund and $20 million to Mayfield Select III, a later-stage venture capital fund, both managed by Mayfield Fund.
In addition, Oregon's $2.2 billion Common School Fund committed €15 million to buyout fund CVC Capital Partners IX.
The council also added Acadian ACWI ex U.S. Value Strategy managed by Acadian Asset Management and Walter Scott EAFE Strategy managed by Walter Scott & Partners to the international stock investment option for the $3.1 billion Oregon Savings Growth Plan, a 457 plan. At the same time, the council terminated Lazard International Equity, AQR International Equity and DFA International Small Cap funds within the international stock investment option.
The council also added BlackRock ACWI ex U.S. Index Fund as a new international passive stock option for the deferred compensation plan.
In other action, the council renewed its contract with Meketa Investment Group as its real estate consultant for three years ending June 30, 2025. Meketa is also a general investment consultant for the council.
