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Oregon Public Employees Retirement System

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Oregon Public Employees Retirement System (PERS)
PERS logo.png
Basic facts
Location:Tigard, Oregon
Top official:Kevin Olineck, executive director
Year founded:1946
Active members:188,736
Website:Official website
Total assets under management
2022:$94.5 billion
See also: Public pensions in Oregon

The Oregon Public Employees Retirement System (PERS) is a Oregon state pension fund that provides retirement, disability, and survivor benefits to the state's public employees and their beneficiaries. PERS had $94.5 billion in total assets under management as of December 31, 2022.[1]

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

Background

See also: Public pensions

The Oregon Public Employees Retirement System (PERS), founded in 1946, invests the assets of and provides funding for the pensions of Oregon's public employees and their beneficiaries. PERS is a defined benefit plan that uses a formula to calculate pension payments.[1]

PERS served over 188,736 active members and approximately 7,512 retirees and beneficiaries as of March 2024.[1]

Pension performance overview

The following table features information about the funding level and assets managed by the Oregon Public Employees Retirement System (PERS) as of December 31, 2022:[1]

Oregon Public Employees Retirement System pension performance (December 31, 2022)
Fiscal year Percent funded Unfunded liabilities Total assets[2]
2022 73% $28 billion $94.5 billion

Assets and asset management

Environmental, social, and corporate governance
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• Economy and Society: Ballotpedia's weekly ESG newsletter

Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[3][4]

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[5]

List of AMCs contracting with the Oregon Public Employees Retirement System

The Oregon Public Employees Retirement System (PERS) contracted with 333 asset management companies (AMCs) or specific funds as of June 30, 2021. Of those companies, 16 were investor participants in Climate Action 100+, and 27 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with PERS:[6]

  • A&M Capital Partners
  • A&M Capital Partners Europe
  • A&M Capital Partners II
  • ABKB / Lasalle Advisors-Intl
  • Acadian Asset Management, Inc. (NZAM, Climate Action 100+)
  • ACON Equity Partners IV
  • Adrian Lee & Partners
  • Advent Global Technology
  • Advent International Global Private Equity IX
  • Advent International Global Private Equity VI A
  • Advent International Global Private Equity VII C
  • Advent Latin American Private Equity VI
  • Advent Latin American Private Equity VII
  • Aetos Capital Asia III
  • Aetos Capital Asia TE II
  • AG Asia Realty Fund II, LP
  • AHL Partners LLP
  • Alinda Infrastructure Fund II
  • Alliance Bernstein International (Climate Action 100+)
  • Alliance Bernstein L.P. (Climate Action 100+)
  • Alterna Core Capital Assets Fund II
  • APAX IX
  • APAX VIII
  • Apollo Credit Opportunity Fund II
  • Apollo Investment Fund IX
  • Apollo Investment Fund VII
  • Apollo Investment Fund VIII
  • Appian Natural Resources Fund
  • Appian Natural Resources Fund II
  • AQR Capital Management
  • AQR Capital Management, LLC
  • AQR Multi-Strategy Fund X
  • Aquiline Financial Services Fund III
  • Aronson, Johnson, & Ortiz, LP
  • Arrowstreet Capital, LP
  • ASB Allegiance RE
  • Ascentris - OR Partners LLC
  • Ascentris Core
  • Ashmore Investment Management Corporation (NZAM, Climate Action 100+)
  • Aspect Capital Limited
  • Aspect Core Trend HV Fund
  • BDCM Opportunity Fund IV
  • Beacon Capital Strategic Partners VI, LP
  • Black Diamond Opportunity III
  • BlackRock - Variable Fund (NZAM, Climate Action 100+)
  • BlackRock Financial Management (NZAM, Climate Action 100+)
  • BlackRock Style Advantage Onshore (NZAM, Climate Action 100+)
  • Blackstone Capital Partners VI
  • Blackstone Capital Partners VII
  • Blackstone Capital Partners VIII
  • Blackstone Energy Partners II
  • Blackstone Energy Partners III
  • Blackstone Real Estate Partners IX, LP
  • Blackstone Real Estate Partners VII, LP
  • Blackstone Tactical Opportunity Fund
  • Blackstone Tactical Opportunity Fund II
  • Blue Torch Credit Opportunities Fund II
  • Boston Company/Mellon (NZAM)
  • Brandes Investment Partners LLC
  • Brazil Real Estate Opportunities II
  • Bridgepoint Europe VI
  • Bridgepoint Europe VI (Sidecar)
  • Bridgewater Associates, LP
  • Bridgewater Optimal Portfolio
  • Brookfield Infrastructure Fund III (NZAM)
  • Brookfield Infrastructure Fund IV (NZAM)
  • Brookfield Timberlands Fund V (NZAM)
  • Callan US Microcap Value
  • Cameron Village
  • Capital International Private Equity Fund VI (NZAM)
  • CDH Fund V
  • Centerbridge Capital Partners III
  • Centerbridge Special Credit Partners III
  • Cinven VI Fund
  • Cinven VII Fund
  • Clarion
  • Clarion (Non Mandate)
  • Clarion Columbia Office Property
  • Clearlake Capital Partners VI
  • Clearlake Flagship Plus Partners
  • Clearvue Partners III
  • Coller International Partners VI
  • Columbia Woodbourne Holdings, LLC (NZAM)
  • Content Partners Fund
  • CVC Capital Partners Asia V
  • CVC Capital Partners VI
  • CVC Capital Partners VII
  • CVC Capital Partners VIII
  • Digital Colony Partners
  • Dimensional Fund Advisors
  • Dimensional Fund Advisors
  • DivcoWest Fund IV REIT, LP
  • DivcoWest Fund V
  • DivcoWest Fund VI
  • DW-Columbia Perfco
  • EAM Investors, LLC
  • EMR Capital Resources Fund II
  • EnCap Energy Capital Fund X
  • EnCap Energy Capital Fund XI
  • EnCap Flatrock Midstream Fund III
  • EnCap Flatrock Midstream Fund IV
  • Endeavour Capital Fund VII
  • EnerVest Energy Institutional Fund XIV
  • EQT Infrastructure III (NZAM)
  • EQT Infrastructure IV - USD Fund (NZAM)
  • Essex Woodlands Health VIII
  • Eudaimonia Asset Management
  • Fidelity Real Estate Opportunistic Income Fund (Climate Action 100+)
  • Fifth Cinven Fund
  • Fisher Lynch Capital Fund II
  • Fort Global Trend Fund Series A
  • Francisco Partners V
  • Francisco Partners VI
  • General Atlantic Partners
  • Genesis Asset Managers, LLP
  • Genstar Capital Partners IX
  • Genstar Capital Partners VIII
  • GGV Capital Select
  • GGV Capital V
  • GGV Capital VI
  • GGV Capital VII
  • GGV Capital VIII
  • GGV Discovery I
  • GGV Discovery II
  • GGV Discovery III
  • GI Partners Fund IV
  • GI Partners Fund V
  • Global Infrastructure Partners Capital Solutions Fund
  • Global Infrastructure Partners II
  • Global Infrastructure Partners III
  • Global Infrastructure Partners IV
  • GMO Systematic Global Macro (NZAM)
  • Granite Ventures II
  • Green Equity Investors VI
  • Green Equity Investors VII
  • GSO Capital Opportunities Fund II
  • GTCR Fund XII
  • Hamilton Lane International SMID Fund
  • Harris Associates LP
  • Harrison Street Core Property Fund Co-Investment
  • Harrison Street Core Property Fund, LP
  • Harrison Street Real Estate Partners V-A
  • Harrison Street REP V Co-Investment
  • Heitman America Real Estate Trust, LP
  • Hellman & Friedman Capital Partners IX
  • Hellman & Friedman Capital Partners VIII
  • Hellman & Friedman Capital Partners X
  • Heritage Fields Capital
  • Highstar Capital Fund IV
  • Homestead Capital USA Farmland Fund II
  • IAP Target Date Funds: Alliance Bernstein (Climate Action 100+)
  • IAP Target Date Funds: State Street Bank
  • IL & FS India Realty Fund
  • IL & FS India Realty Fund II
  • International Infrastructure Finance Company Fund
  • JPMCB Strategic Property Fund
  • KKR Asian Fund
  • KKR Asian Fund II
  • KKR Asian Fund III
  • KKR European Fund III
  • KKR Financial Credit Portfolio
  • KKR North America XI Fund
  • KKR North America XII Fund
  • KPS Special Situations Fund V
  • KSL Capital Credit Opportunities Fund
  • KSL Capital Partners Fund III
  • KSL Capital Partners Fund IV
  • KSL Capital Partners Fund V
  • Landmark Real Estate Partners VII, LP
  • Lazard Asset Management (NZAM, Climate Action 100+)
  • LBA Core Industrial
  • Lincoln (Non Mandate)
  • Lincoln CIP Industrial Core
  • Lion Capital Fund II
  • Lion Capital Fund III (
  • Lion Mexico Fund
  • Lionstone One Value Add
  • Littlejohn Fund IV
  • Lone Star Fund IX
  • Lone Star Fund VIII
  • Lone Star Real Estate Fund II
  • Lone Star Real Estate Fund III
  • Lone Star Real Estate Fund IV
  • Lone Star Real Estate Fund V
  • LORE One, L.P. (Core)
  • Los Angeles Capital Management (Climate Action 100+)
  • LS Power Equity Partners III
  • LS Power Equity Partners IV
  • Luminate Capital Partners III
  • Madison Realty Capital Debt Fund III, LP
  • Mayfield Select
  • Mayfield XIV
  • Mayfield XV
  • Mayfield XVI
  • MBK Partners Fund IV
  • MHR Institutional Partners IV
  • Morgan Stanley
  • Morgan Stanley Prime Property Fund
  • NGP Agribusiness Follow-on Fund
  • NGP Natural Resources X
  • NGP Natural Resources XI
  • NGP Natural Resources XII
  • NGP Royalty Partners
  • Nordic Capital Fund VIII
  • North Haven Private Equity Asia IV
  • Northern Shipping Fund III
  • Northern Shipping Fund IV
  • Northwest Emerging Ventures
  • Northwest Emerging Ventures II
  • Northwest Emerging Ventures III
  • Novalpina Capital Fund I
  • Nuveen U.S. Cities Multifamily Fund (Climate Action 100+)
  • Oak Hill Advisors
  • Oak Investments Partners XIII -
  • Oak Street Real Estate Capital Fund V
  • Oaktree European Principal Fund III (US)
  • Oaktree Opportunities Fund IX
  • Oaktree Opportunities Fund VIII
  • Oaktree Opportunities Fund VIIIb
  • Oaktree Opportunities Fund X
  • Oaktree Opportunities Fund Xb
  • Och Ziff RE III (Sculptor 3)
  • Odyssey Investment Partners Fund VI
  • OHA Tactical Investment Fund
  • OrbiMed Private Investments V
  • OrbiMed Private Investments VI
  • OrbiMed Royalty Opportunities II
  • Orchid Asia VI
  • Orchid Asia VII
  • Oregon Abacus Multifamily Associates LP
  • Owl Rock Capital Corp III
  • Palladium Equity Partners IV
  • Palladium Equity Partners V
  • Pangora Asset Management
  • Parthenon Investors III -
  • Parthenon Investors IV -
  • Pathway Private Equity Fund III
  • Pathway Private Equity Fund III-B
  • PE Global LLC
  • Permira VI
  • Permira VII
  • PGIM Fixed Income
  • PIMCO Investments LLC
  • Pine Brook Capital Partners II
  • Prologis Targeted Europe Logistics Fund
  • Prologis Targeted US Logistic Fund
  • Providence Equity Partners VII
  • Public Pension Capital
  • QL Capital Partners
  • Regency Core
  • Regency II
  • Reservoir Resource Partners
  • Reservoir Strategic Partners Fund
  • Rhône Partners IV
  • Rhône Partners V
  • Riverside Capital Appreciation Fund VI -
  • Riverside Europe Fund IV
  • Riverstone‐Carlyle RAE Fund II
  • Roark Capital Partners IV
  • Roark Capital Partners V
  • Roark Capital Partners VI
  • Rockpoint Finance Fund I, LP
  • Rockpoint Growth and Income Fund I, LP
  • Rockpoint Real Estate Fund II, LP
  • Rockpoint Real Estate Fund III
  • Rockpoint Real Estate Fund IV
  • RREEF America REIT II
  • RRJ Capital Master Fund II
  • RRJ Capital Master Fund III
  • Russell Investments - Cash Overlay (NZAM, Climate Action 100+)
  • Sanders Capital All Asset Value Fund (Climate Action 100+)
  • Sculptor RE IV
  • Sherpa Healthcare Co-Investment
  • Sherpa Healthcare I
  • Sherpa Healthcare II
  • Silver Creek Aggregate Reserves Fund I
  • Starwood Cap Hospitality Fd II Global LP
  • Starwood Energy Infrastructure Fund III
  • Stonepeak Infrastructure Fund (NZAM)
  • Stonepeak Infrastructure Fund II (NZAM)
  • Stonepeak Infrastructure Fund III (NZAM)
  • Tailwind Capital Partners III
  • Taurus Mining Finance Fund
  • Taurus Mining Finance Fund II
  • TDR Capital III
  • TDR Capital IV
  • Terra Firma Capital Partner III
  • The Energy & Minerals Group Fund III
  • Thoma Bravo Fund XIV
  • Tillridge Global Agribusiness Partners II
  • TPG Growth II
  • TPG Growth III (A)
  • TPG Growth IV
  • TPG Growth V
  • TPG Healthcare Partners
  • TPG Partners VII
  • TPG Partners VIII
  • TPG Specialty Lending Europe I (US Feeder)
  • TSSP Adjacent Opportunities Partners
  • TSSP TAO Contingent
  • Twin Creeks Timber
  • USV 2016
  • USV 2019
  • USV 2021
  • USV Climate 2021
  • USV Opportunity 2019
  • Veritas Capital Fund V
  • Veritas Capital Fund VI
  • Veritas Capital Fund VII
  • Vestar Capital Partners V
  • Vista Equity Partners Fund III (NZAM)
  • Vista Equity Partners Fund IV (NZAM)
  • Vista Equity Partners Fund V (NZAM)
  • Vista Equity Partners Fund VI (NZAM)
  • Vista Equity Partners Fund VII (NZAM)
  • Vista Foundation Fund II (NZAM)
  • Vista Foundation Fund III (NZAM)
  • Vitruvian Investment Partns IV
  • Vornado Capital Partners LP
  • Walter Scott Management
  • Warwick Partners III
  • Warwick Partners IV
  • Waterton Fund IX PT Chicago, LLC
  • Waterton Residential Property Venture XII
  • Waterton Residential Property XI
  • Wellington Management Company, LLP (NZAM, Climate Action 100+)
  • Westbourne Infrastructure Debt
  • Western Asset Management Company
  • Westwood Global Investments
  • Whitehorse Liquidity Partner IV
  • William Blair & Company, LLC (Climate Action 100+)
  • Windsor Columbia Realty Fund
  • WL Ross Recovery Fund V

Governance and accountability

This section features information about the five-member board of trustees that oversees the Oregon Public Employees Retirement System (PERS). The board is not specific to oversight of PERS and exercises oversight duties for other state funds.[7]

Board selection method

The board of trustees that oversees the Oregon Public Employees Retirement System (PERS) is made up of five members. Per Oregon state law, three of the five trustees must not be members of PERS and must have business management, pension management, or investing experience; one trustee must hold a management position in a state organization or they must be an elected official in a participating employer that is not the state; and one trustee must represent public employees and retirees.[7]

Board of trustees membership

A five-member board of trustees oversees the operation and administration of Oregon Public Employees Retirement System (PERS). The following individuals served on the board as of March 2024:[7]

  • Sadhana Shenoy, board chair
  • Stephen Buckley, vice chair
  • Jardon Jaramillo
  • John Scanlan
  • Suzanne Linneen

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 Oregon.gov, "PERS By the Numbers," March 25, 2024
  2. ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
  3. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  4. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  5. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  6. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  7. ↑ 7.0 7.1 7.2 Oregon,gov, "PERS board members," March 26, 2024
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