The Oregon Investment Council, which manages some $68 billion in assets, so far this year has committed a total of $340 million to four private equity funds, pushing its actual allocation to the asset class up near the top of its allowable target range.
Oregon Investment Council’s actual allocation to private equity is 19 percent, said a spokesperson, above its 16 percent target, and close to the high end of its target range of 12 percent to 20 percent.
The state investment council made three pledges of $100 million each. One went to the second fund of Avista Capital Partners, which recently closed with $1.8 billion. Avista Capital targets the energy, health care and media industries. A second went to U.K.-based Lion Capital’s Lion Capital Fund III, earmarked for investments in U.K. consumer-related businesses. The firm seeks €2 billion ($2.7 billion) for the fund. The third went to Veritas Capital Fund IV, managed by Veritas Capital, a New York-based firm seeking up to $1.25 billion for its fourth fund to invest in mid-market companies that provide goods and services to government-related customers.
Oregon Investment Council also pledged $40 million to OrbiMed’s $550 million venture fund Caduceus Private Investments IV LP. OrbiMed, a health care-focused venture firm based in New York, plans to invest primarily in biopharmaceutical and medical device companies in North America and Europe.