The Oregon Investment Council has approved a $350 million commitment to Stonepeak Infrastructure Fund V for the Oregon Public Employees Retirement Fund (OPERF), according to a memo from Rex Kim, CIO, Oregon State Treasury (OST).
Managed by New York City-based Stonepeak, SIF V is seeking to raise $15 billion and will invest in large, high-quality, essential infrastructure assets primarily within the transportation and logistics, energy and energy transition, and communications sectors. SIF V will invest primarily within the United States and Canada and has a limit to invest no more than 25 percent of its capital outside of those countries.
The OST has invested in multiple past instances of Stonepeak’s flagship infrastructure fund, including a $500 million commitment to SIF IV in 2020, a $400 million commitment to SIF III in 2017 and a $400 million commitment to SIF II in 2017.
As of February, 10.2 percent ($9.5 billion) of OPERF’s $93.6 billion portfolio was