Oregon extends PE advisor contract

TorreyCove Capital Partners’ contract, which was scheduled to expire at year’s end, has been extended through 2014.

The Oregon Investment Council voted to extend the contract of its private equity consultant last week, according to spokesman James Sinks.

The investment council’s contract with TorreyCove Capital Partners had been set to expire at the end of the year. TorreyCove, which has advised the investment council on its private equity portfolio since 2007, will continue its contract through 31 December, 2014, Sinks said.

The OIC will retain the right to terminate the contract at any point with 30 days written notice, according to meeting documents.

TorreyCove advises its clients on direct fund investing, secondary fund investing, secondary fund sales, co-investing, direct investing, strategic and tactical planning, investment pacing, market research, investment monitoring and reporting, and other special projects, according to the firm’s website.

The OIC manages one of the largest private equity portfolios in the US, with almost $14 billion in private equity assets as of 30 June 2011, according to its 2011 comprehensive annual financial report.

Last month, the council approved a $100 million commitment Public Pension Capital Management, which is targeting $500 million for its debut vehicle.