The Oregon Public Employees Retirement System has issued a request for proposal for an alternative equity investment advisor on the heels of the resignations by key staff from advisor Pacific Corporate Group.
The Oregon Investment Counsel, the investment division of the pension, announced that the “scope of the assignment is to provide the Council with full service alternative equity advisory services”, including overview presentations, market updates, investment opportunity evaluations, due diligence reviews, documentation, advising legal counsel and monitoring.
Responses are due by November 8, and finalists will be selected by November 27.
Top PCG executives including Monte Brem, president of the asset management unit, and managing directors Tara Blackburn, Michael Russell and Stephen Moseley recently departed La Jolla, California-based PCG, which has $20 billion in assets under management and advises high-profile clients, including the largest pension fund in the US, the California Public Employees Retirement System.
PCG’s most recent personnel troubles come on the heels of the departure of several key executives last year.
In 2006, Oregon’s stake in alternative equities stood at 9.3 percent of its portfolio through the end of August and has earned close to 11 percent returns over a five year period, according to the pension system’s website. The pension system has assets of approximately $55 billion.
As of the end of June, the pension system has active investments spread across 125 different funds and commitments of $14 billion to 139 authorized investments, according to its request for proposals from advisors.