Two private equity funds managed by Texas Pacific Group has been elected by Oregon’s public pension fund Oregon Investment Council to receive nearly $1 billion in funding.
The Oregon Investment Council voted to commit $700 million to TPG’s Strategic Partnership Account and another $250 million to TPG’s TSSP Adjacent Opportunities Partners L.P. The commitment represents 7 percent of the pension fund’s $14.3 billion in private equity investments, which represent about 21 percent of the $68 billion pension fund.
TPG hopes to raise a total of $10 billion in the first fund, which targets its traditional sweet spot: corporate buyouts requiring an equity investment between $250 million and $600 million, according to staff at the Oregon Treasury’s investment division. The second is a $2 billion special situations fund that targets an eclectic mix of investments such as drug royalty streams, European bank loans and residential and commercial real estate loans.
Oregon’s pension fund was an early investor in TPG.
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