Oregon commits to single secondaries fund in 2014

The Oregon Public Employees Retirement Fund’s only secondaries commitment in 2014 was $100 million to Montauk TriGuard Fund VI, according to documents from the pension.

Montauk TriGuard Fund VI closed on $500 million in May. The fund was substantially oversubscribed, surpassing its $400 million target.

“We are fortunate to have such a sophisticated, diverse group of limited partners in Fund VI, many of whom have been loyal partners over multiple funds,” Montauk TriGuard co-managing partner Ronn Cornelius said when the fund closed.

Oregon had previously committed to Montauk TriGuard’s three previous funds, including its Fund V, which was generating an 18.9 percent internal rate of return and a 1.34x total value multiple as of 30 September.

Secondaries make up the smallest portion of Oregon’s private equity portfolio, with a market value of about $198 million. The pension has a target allocation of less than 5 percent to the strategy.

Oregon’s total private equity allocation is about 21.6 percent of its total assets as of 30 September. It has about $69 billion of assets under management.