The Oregon Public Employees Retirement System (Oregon PERS) provides retirement benefits to public employees across the state of Oregon. With approximately $90 billion in total assets, Oregon PERS is managed by the Oregon State Treasury under the direction of the Oregon Investment Council (OIC).
Investment Strategy
The OIC maintains a globally diversified portfolio across public equities, fixed income, private equity, real estate, infrastructure, private credit, and other alternatives. Oregon has one of the most established and aggressive alternatives programs among U.S. public pension funds, dating back to the 1980s.
Private equity is the largest alternatives allocation, with commitments spanning buyout, growth equity, venture capital, and distressed strategies across global markets. The real estate program includes direct property investments and fund commitments across the risk spectrum. Infrastructure investments target essential assets with stable cash flows. Private credit provides current income and capital protection.
The Oregon State Treasury has a large internal investment team with deep expertise in private markets. The team manages relationships with hundreds of GPs and maintains a sophisticated approach to portfolio construction, including active co-investment and secondary market strategies.
How to Approach
GPs should engage with the Oregon State Treasury’s Investment Division in Tigard. Oregon is a highly sought-after LP given its scale, sophistication, and long track record as a private markets investor. The team evaluates managers on track record, team stability, strategy differentiation, and alignment of interests. GPs should present a compelling and differentiated strategy with strong performance data.
Frequently Asked Questions
How large is Oregon PERS's alternatives program?
Oregon PERS allocates approximately 28% of its $90 billion portfolio to alternatives, representing roughly $25 billion across private equity, real estate, infrastructure, and private credit. The Oregon Investment Council (OIC) has one of the most established alternatives programs in the U.S. public pension universe.
Who manages Oregon PERS investments?
Oregon PERS investments are managed by the Oregon State Treasury's Investment Division under the direction of the Oregon Investment Council (OIC). The Treasury has a large, experienced internal team that manages the alternatives portfolio.
How should GPs engage with Oregon PERS?
GPs should contact the Oregon State Treasury's Investment Division. The OIC has deep relationships with GPs globally and maintains an active pipeline of new manager evaluations. The team attends major industry conferences and is open to direct outreach from managers with differentiated strategies.
