Oregon State Treasury wants to invest $2.5 billion to $3.5 billion in private equity in 2020, according to a presentation given to the Oregon Investment Council last week.
Staff said it will recommend 10 to 15 commitments of $100 million to $500 million over the course of 2020. That is keeping pace with the 2019 calendar year, in which it committed $2.7 billion to 14 funds. Buyouts covered most of those commitments here, here, here and here.
The rest are:
• $150 million to Clearlake Capital Partners VI, managed by Clearlake Capital Group with a $5 billion target and $7 billion hard-cap, as Buyouts has reported;
• $50 million to KPS Special Situations Fund V, managed by KPS Capital Partners, which closed at $6.12 billion in October, as Buyouts reported;
• $225 million to Permira VII, managed by Permira, which closed in October at about $12 billion, according to the firm’s website.
Oregon also committed $200 million to Genstar Capital Partners IX and another Genstar fund called “Opps II.” Another document on the Oregon website appeared to indicate $120 million went to Fund IX and $80 million to “Genstar IX Opportunities Fund I.” Fund IX closed last February at $5.5 billion, according to Genstar’s website, as well as $1.1 billion in “committed overage capacity…from select limited partners.”
In 2020, Oregon also wants to source more co-investment deals and fill an open position for an investment analyst on its private equity team, as well as implement a liquidity management program created with Pathway Capital Management, as Buyouts has reported.
The Oregon Public Employees Retirement Fund’s PE portfolio is 78 percent buyout, 8 percent special situations and others, and 14 percent growth equity and venture capital, which is broadly in line with its goals but slightly overweight in buyouts, the presentation said.
As of Dec. 31, OPERF was valued at $79 billion, while Oregon’s total funds were valued at $111.5 billion.
Action Item: Read the January 30 Oregon Investment Council meeting book here.