The Oregon Investment Council (OIC), responsible for overseeing the $93 billion Oregon Public Employees’ Retirement Fund, has continued to enhance its alternative investment portfolio by making new commitments and add-on investments across various strategies in February and March of this year.
In total, the trustees have approved approximately $1.1 billion in investments across infrastructure, natural resources, and hedge funds. These commitments were recently disclosed in meeting documents. This comes after an additional $1 billion in asset commitments made towards the end of 2022.
The largest commitment of $315 million was allocated to EQT Infrastructure VI, which is managed by EQT, a Stockholm-based firm. This fund primarily focuses on companies operating in core sectors such as energy, transportation and logistics, environmental services, and digital and social infrastructure. The fund, which is yet to close, has set a hard cap at €21 billion ($23 billion). The previous EQT fund closed in 2021 with a total of $18 billion.
Another investment in the infrastructure sector was made in NGP Energy Capital Management‘s NGP Natural Resources XIII. The OIC allocated $200 million to this private equity fund, with an additional $50 million sidecar investment. NGP Natural Resources XIII concentrates on investments in the energy sector and has also recently received funding from the Texas Teachers’ Retirement System.
In the realm of hedge funds, the OIC decided to provide further funding to two of its key portfolio managers: Davidson Kempner and Hudson Bay. Each firm received an additional $250 million, following previous allocations of the same amount made in 2022.
These recent investments reflect the OIC’s strategy to diversify its holdings and seek opportunities in alternative investments. By allocating funds to infrastructure, natural resources, and hedge funds, the council aims to optimize returns and mitigate risk for the Oregon Public Employees’ Retirement Fund.
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