The Oregon Investment Council has committed $100 million to Guggenheim Partners’ real estate vehicle, Guggenheim Fund IIA.
The Salem-based Oregon Investment Council governs a series of trusts including the $54 billion Oregon Public Employees Retirement Fund (OPERF).
At its latest board meeting, the Oregon Investment Council approved $100 million to Guggenheim Fund IIA, with the caveat the vehicle raise at least $300 million – including at least $50 million raised from a “new capital source” other than current LPs, according to the OIC. A spokesperson for Oregon declined to comment further.
The vehicle is sponsored by Guggenheim Structured Real Estate Advisors, a unit of Guggenheim Partners.
In September, the OIC also approved a $200 million commitment to infrastructure investment vehicle, Alinda Infrastructure Fund II.
The OPERF said in an interview recently that over-allocation and the burden of re-upping with existing GPs would leave little money for new relations with private equity firms in 2009.
Jay Fewel, OPERF senior investment officer, said 2009 looked like it would be “re-ups only.” With limited money to commit, he said, and with “quite a few re-ups coming back, they’ll have first call on the money. But that’s always been the case.” However, the OPERF could form new relationships next year, Fewel said, if its existing GPs delay expected fundraisings.