$1B PERS funds go into private equity

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Thursday, May 02, 2013

The Oregon Investment Council has slowed its pace of investing in private partnerships, but committed nearly $1 billion from PERS.

On Wednesday, the council made a $300 million commitment to a $12 billion buyout and distressed debt fund being raised by Apollo Global Management. It committed up to $400 million into a fund being raised by Lone Star to invest in distressed debt and real estate assets. And it committed $250 million into a "tactical opportunities fund" being raised by the Blackstone Group to make opportunistic investments.

Oregon has history with all three firms. It has invested in two prior Apollo funds. One is showing promising results, while the other is underperforming its target, in part because it badly overpaid in its bubble-era buyout of the casino company Caesar's Entertainment. Apollo undertook that $31 billion deal in 2008 in partnership with a buyout fund managed by Texas Pacific Group. Oregon was an investor in the TPG's fund, too, so it has exposure to the deal from both sides.

Read more at OregonLive.com.

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