Oregon Public Employees Retirement Fund (Oregon PERF) has issued its first-ever investment in a European real estate fund, with a €100m commitment to the Hines European Property Partners Fund (HEPP), according to the Oregon Investment Council.
Hines has raised more than €1bn for the core-plus open-ended fund since it was established in 2022.
HEPP targets the major asset classes of industrial, living, retail and office, in addition to emerging sectors such as data centres and senior living across Europe.
The long-term goal for Oregon is to have up to 10% of its real estate portfolio invested in ex-US core real estate.
The pension fund approved three additional real estate fund commitments totaling $300m (€258m), according to board meeting information.
One of the $100m commitments was for the Abacus Multi-Family Partners VII. The targeted capital raise for the fund is $2bn, with the fund manager having closed on $243m in commitments, as stated in an SEC filing last month. The fund invests in garden-style apartments in the US and targets net returns in the mid-teens.
The also pension fund committed $100m to the Clarion Alternative Sectors Fund GP. Clarion Partners is known for investing in non-core property types, such as lifesciences, laboratories, student housing and healthcare.
The other $100m commitment was to the Blue Owl Real Estate Fund VII.
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