DECEMBER 11, 2012

Oregon commits $100 million to infrastructure

The Oregon Investment Council, which manages the $58.8 billion Oregon Public Employees Retirement Fund (OPERF), has approved a $100 million commitment to Stonepeak Infrastructure Partners, a company spun off from The Blackstone Group’s infrastructure unit.

Stonepeak Infrastructure Partners was launched in 2011 with a $1 billion fundraising target and will invest in North American energy, water and transportation infrastructure. It has raised $730 million, according to a filing with the Securities and Exchange Commission. A final close is expected during first quarter 2013. Other investors include the New Mexico Educational Retirement Board, TIAA-CREF and Washington State Investment Board.

The $100 million commitment was made on behalf of OPERF's alternatives portfolio, which seeks real assets and real return strategies and diversifying investments. Infrastructure accounted for 30 percent of the strategy and totaled approximately $384 million among six funded investments as of March 2012. Another recent investment for the OPERF Alternatives Portfolio was a $75 million commitment to RK Mine Finance Fund II, a fund managed by the Red Kite Group that specializes in the metals and mining sectors.

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