The Oregon Public Employees Retirement Fund is planning a $300m (€279.8m) commitment to JP Morgan’s Strategic Property Fund, according to a board-meeting document.
The Oregon Investment Council (OIC) recommended the investment into the fund after evaluating all of the 24 open-ended core funds in the NFI-ODCE Index.
The investor concluded that JP Morgan’s fund, which has a gross asset value of $42bn, had been a strong performer, outperforming the NFI-ODCE Index over five and 10-year periods.
The fund represents 18% of the current capitalisation of the index.
The OIC said JP Morgan’s preference for large assets was also a positive; the JPM fund’s average deal size is $229m, compared with $60m for its peer group average.
The larger deals in JP Morgan’s Strategic Property Fund are to complement Oregon PERF’s separate-account programme, which typically invests in smaller-scale opportunities.
The OIC is also planning to approve a €200m commitment into Swedish infrastructure fund manager EQT’s Infrastructure Fund III fund.
IPE Real Estate reported last month that Maine Public Employees Retirement System (Maine PERS) plans to invest in the fund, while New Jersey Division of Investment recently proposed a commitment of up to $100m to the vehicle.
Fund III is to invest half its portfolio in Europe and will consider more medium-sized transactions.
Oregon PERF said the investment would serve as a good complement to its other infrastructure assets, based in North America.
EQT is looking to raise €2.9bn, with a €4bn hard cap.
The manager made around 50% of its investments in its first two funds in Europe, where the highest returns for Funds I and II come from.
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