Oregon Investment Council, Tigard, which runs the $75.6 billion Oregon Public Employees Retirement Fund, committed a total of $350 million to four private equity funds.
The council committed $250 million to Francisco Partners VI, a middle-market technology-focused buyout fund, and $50 million to Francisco Partners Agility II, a buyout fund that targets smaller companies, CIO Rex Kim told the council at its April 22 meeting. Both funds are managed by Francisco Partners Management.
The council also committed $30 million to early stage venture capital fund Mayfield XVI and $20 million to growth equity fund Mayfield Select II, both managed by Mayfield Fund.
And prior to his departure on March 31, former CIO John Skjervem invested an additional $11 million as a direct investment in solar energy firm Bolt Energy. The council last year had invested $50 million in the company.
Separately, the council hired Meketa Investment Group as its real estate consulting firm. The selection was made following an RFP launched in May 2019. The council originally hired Pension Consulting Alliance as its real estate consultant. PCA merged with Meketa in March 2019. The firm's contract was due to expire June 30. The council had $8.7 billion invested in real estate as of March 31.
The council also adopted a new investment policy for its risk-parity portfolio. The council created a new 2.5% risk-parity allocation in April 2019. As of March 31, there were no assets in the portfolio. The benchmark for the allocation is S&P Risk Parity Index-12% Target Volatility, according to the policy. The policy also gives the staff discretion, with subsequent notice to the council, to rebalance between and among managers.