Oregon Council Commits to Three New Funds
August 1, 2008
The Oregon Investment Council (OIC) made three new investments at its meeting on Wednesday, spokesman Ley Garnett told IMW via e-mail.
AllianceBernstein received $200 million for its All Asset Deep Value Fund L.P.
"It's planned to be a $2 billion fund to take opportunities in residential real estate, Garnett said via e-mail.
The fund has a 1.5% management fee on invested capital with a 20% carry and 8% preferred return, he added.
Meanwhile, $250 million was awarded to Apollo's Credit Opportunities Fund 2 LP. Garnett said the fund focuses on senior bank loans, second lien loans and some high-yield and distressed debt securities.
Lastly, $220 million was committed to an index-based Tiered Emerging Market Strategy.
"This fills the role of our vacant emerging markets manager," Garnett wrote.
Strategic Investments Solutions and Pacific Corporate Group assisted the OIC with the investments.
The OIC oversees the assets of the $60 billion, Oregon Public Employees Retirement Fund.
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