Gregg Gethard
The US’s second-largest public pension also approved a plan allowing it to leverage its total fund.
Many LPs struggle to commit to continuation funds due to governance processes.
The largest US pension system also reported more than $1.2bn in annual management fees and carried interest.
'The rules overall are a step forward for the industry but there are some unique intricacies to look at regarding the transparencies we are used to,' says a member of the system’s investment staff.
The system’s adviser and staff are bullish on fixed income at the expense of private assets.
The $34.7bn pension could cut as many as 17 private equity managers over the next three-to-five years.
Musicco will step down at the end of September after serving a little more than a year as CIO.
The system’s investment staff may expand target ranges, among other tweaks, as its cashflow needs increase.
Oregon’s private equity portfolio serves as a case study for the denominator effect’s impact.
LPs have become focused on distributions as they balance liquidity needs in a difficult marketplace.