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Oregon Public Employees' Retirement Fund (OPERF)
The Oregon Public Employees' Retirement Fund was established to manage retirement assets for Oregon public employees. Rex Kim leads investment decisions as...
Oregon Public Employees' Retirement Fund (OPERF)
The Oregon Public Employees' Retirement Fund was established to manage retirement assets for Oregon public employees. Rex Kim leads investment decisions as CIO, with Elizabeth Steiner serving as Oregon State Treasurer and Oregon Investment Council member. Kevin Olineck directs the PERS system itself. The fund deploys capital across buyout strategies, opportunistic real estate, and public equity markets. Confirmed commitments include Apollo Investment Fund IX, Blackstone Capital Partners VIII, and Pathway Capital Management Co-Investment Fund. Real estate exposure covers Prologis Global Industrial Ventures, Lone Star Real Estate Fund III, and KTR Industrial Fund III. Geographic reach includes the United States and Latin America through Advent Latin American Private Equity Fund VII. Assets total 95.8 billion dollars. The fund maintains memberships in the Institutional Limited Partners Association and the Council of Institutional Investors. It retains Meketa Investment Group as primary consultant since 2019 and McDermott Weaver Connelly Clifford LLP for legal counsel since 2025. March 2026: Rex Kim presented the annual performance review at the Oregon Investment Council Regular Meeting in Tigard. The fund's structure ties investment policy directly to the Oregon Investment Council, a five-member board that sets asset allocation targets and approves major commitments. This governance model separates day-to-day execution at the State Treasury from board-level oversight.
General information
Firm type
Pension Fund
Year founded
1946
Location
Region
North America
Country
United States
City
Tigard
Corporate office
Tigard, OR, United States
Principals
Rex Kim
Chief Investment Officer
Elizabeth Steiner
Oregon State Treasurer
Kevin Olineck
Director of the Oregon Public Employees Retirement System
Sector focus
Frequently asked questions
Who runs investment decisions at OPERF?
Rex Kim serves as Chief Investment Officer. The Oregon Investment Council sets policy and approves major allocations.
Does OPERF participate in fund commitments or only direct deals?
OPERF makes both fund commitments and co-investments. Holdings include Apollo Investment Fund IX and Blackstone Capital Partners VIII.
What asset classes does OPERF allocate to?
Allocations cover public equities, private equity buyouts, opportunistic real estate, agriculture, and timberland.
Which public equity holdings are largest?
Top positions as of Q3 2025 include NVIDIA at 520 million dollars, Microsoft at 440 million dollars, and Apple at 431 million dollars.
How is OPERF governed?
The Oregon Investment Council sets investment policy. The Oregon State Treasury executes day-to-day management under Rex Kim.
Does OPERF maintain relationships with external consultants?
Meketa Investment Group has served as primary consultant since 2019. Aon provides secondary risk advice.
What is OPERF's known posture on co-investments?
OPERF holds co-investment exposure through Pathway Capital Management Co-Investment Fund alongside standard fund commitments.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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