The Oregon Public Employees Retirement Fund (Oregon PERF) is planning to commit up to $2bn (€1.8bn) to its alternatives portfolio, according to a board meeting document.
The US pension fund could include a value-add infrastructure fund, targeting assets in North America and Europe, as well as an agriculture fund in North America.
A global infrastructure debt fund and a global, multi-sector natural resources fund could also feature.
Oregon PERF is looking at a co-investment programme with either managers or a fund, as well as a separate account/strategic relationship.
Investment in infrastructure debt is another possibility.
The pension fund has allocated 20-30% investment in infrastructure, 30-40% in natural resources and 35-45% in diversifying strategies.
The benchmark for the portfolio will be the CPI plus 4%.
To date, Oregon PERF has invested in alternatives through either funds or joint ventures.
Investments over the last year have varied in size from $100m to $400m, with more than $2.1bn committed in 2015.
There were a total of seven commitments, with four being new relationships and three being re-ups.
The total net asset value of the fund’s alternatives portfolio was $2.3bn as of the end of last year.
The asset class will be fully invested once it reaches $8.5bn.
The targeted allocation for the portfolio is 12.5%, established as the new allocation in June last year.
The fund’s infrastructure exposure has a net asset value of $591m, with a $2.1bn targeted allocation, while natural resources has a $790.5m net asset value, with a $3bn targeted allocation.
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