Oregon Public Employees Retirement Fund (PERF) has expanded its international real estate exposure via a $120m (€103.2m) commitment to Hines’s open-ended flagship Asia-Pacific core-plus fund.
The Oregon Investment Council disclosed during a board meeting that the commitment was made to the Hines Asia Property Partners fund.
Oregon PERF, which has been seeking to grow its international real estate portfolio, has set a long-term goal of allocating 10% of its property exposure internationally.
In September 2025, Oregon PERF made its first move under this strategy by committing €100m to the Hines European Property Partners fund.
The fund, which targets a combination of next-generation living, logistics, office and select niche sectors, has raised $1.3bn to date, according to sources familiar with the vehicle.
Oregon PERF has also committed $100m to the Walton Street Real Estate Debt Core Fund, a US vehicle which invests in debt financing for the multifamily, student housing, industrial, self-storage and grocery-anchored retail sectors.
The two new commitments form part of Oregon PERF’s planned investment activity for the 2026 calendar year, which is expected to total between $400m and $750m, according to the meeting document.
The pension fund expects to achieve this target by making three to six commitments ranging from $100m to $150m each. Additionally, the pension fund is considering allocating further capital to public real estate investment trusts.
To read the latest IPE Real Assets magazine click here.
