The Oregon Public Employees Retirement Fund recently reviewed their real estate and real assets strategic plan for 2024.
OPERF is targeting $500 million to $1 billion in new real estate commitments across four to seven funds with ticket sizes of $100-$250 million each, according to meeting materials. Additionally, they will continue to prioritize strategic reviews with separate account managers and diligence on core international and private debt partnerships.
Within real assets, they are targeting a total of $1 to $1.5 billion in new commitments across three to five funds with ticket sizes ranging from $150 to $350 million. Furthermore, in 2024 they plan to prioritize researching energy transition, metals, and mining.
Looking back at 2023, OPERF made eight approved commitments, totalling $1.4 billion in real assets. Allocating to EQT Infrastructure VI, NGP XIII, Appian III, LS Power V, Hudson Northern Shipping V, QCS II, Brookfield co-investment, and Stonepeak co-investment. All of these real asset commitments were re-ups or expansions of existing relationships.
Additionally, three real estate commitments were approved in 2023 totalling $550 million. These allocations were made to Ascentris-OR Partners (SMA), Carlyle Property Investors, and Columbia Regency Retail Partners (SMA). The SMA commitments are re-ups to existing relationships.
As of December 31, 2023, the $93.8 billion pension fund allocated approximately 14.2% to real estate with a policy target of 12.5% and approximately 10.1% to real assets with a target of 7.5%.
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