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.