Oregon Public Employees Retirement Fund (PERF) has disclosed its investment pacing plans for 2025, targeting commitments of $400m to $750m (€352m to €660m) for its real estate portfolio and up to $1bn for its real assets portfolio.
The Oregon State Treasury disclosed in a board meeting document that the pension fund plans to make three to six real estate commitments in 2025, each ranging from $100m to $150m.
The real estate investments are expected to be made through either separate accounts or funds, both of which Oregon PERF has prior experience with.
The long-term strategy for the real estate portfolio is to maintain an overweight position in industrial and multifamily properties while modestly increasing exposure to grocery-anchored and necessity-based retail assets.
Oregon PERF’s real asset plan for 2025 involves committing to three to five transactions of between $150m and $350m each via open or closed-end funds and co-investments. Most of the capital is expected to be placed in infrastructure investments during the period.
In 2024, all $775m of real asset commitments were invested in infrastructure, according to the meeting document.
Oregon PERF’s infrastructure exposure comprises a 21% exposure to renewable energy, 17% to digital infrastructure, 14% in upstream energy and 10% in transportation. Geographically, the portfolio is concentrated in North America, followed by Europe, Asia-Pacific and Latin America.
Oregon PERF said it intends to issue a request for proposals in May to select a new investment consultant for its real assets portfolio, as its current contract with Aksia is set to expire at the end of this year.
To read the latest IPE Real Assets magazine click here.
