Oregon Public Employees Retirement Fund

Registry · Top 100 · rank editorial · U.S. public pension fund · Oregon · last researched 9 September 2026 · corrections: info@universalassetowners.com

• Executive brief
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Depth annexes
• FAQ
• Sources

Oregon Public Employees Retirement Fund (OPERF / Oregon PERF) is the statewide public pension investment pool managed by Oregon State Treasury under policies set by the Oregon Investment Council (OIC). Official USD: Total Fund about $104.2 billion at 30 June 2026; YE 2025 OPERF headline about $106.9 billion. State Treasurer Elizabeth Steiner; CIO Rex Kim. PERS ≠ OPERF ≠ OIC ≠ Treasury Investment Division.

Executive brief

The Oregon Public Employees Retirement Fund — abbreviated OPERF and often soft-labeled Oregon PERF — holds the invested assets that support Oregon’s Public Employees Retirement System (PERS). Oregon State Treasury’s Investment Division manages the portfolio day to day under asset-allocation targets and an Investment Policy Statement adopted by the Oregon Investment Council (OIC). Official Invested for Oregon materials state that Treasury invests pension capital between contribution and benefit-payment dates, and that 73.0 cents of every dollar of retirement benefits comes from investment returns.

Headline scale in official USD only. Prefer dated oregon.gov prints over Instantiations estimates. As of 31 December 2025, the Invested for Oregon homepage cites Total OPERF assets of $106.9 billion, and Performance and Holdings lists Total OPERF Regular Account $101,339 million, Target Date Funds $5,341 million, and Variable Account $265 million (together reconciling to the ~$106.9B OPERF complex). The same YE 2025 table puts all Treasury-managed funds at $148,140 million. As of 31 March 2026, the OPERF Fund Fact Sheet prints Regular Account $101,420,449,462. As of 30 June 2026, the OIC Public Book (Meketa Total Fund summary) prints Total Fund $104,224,040,143 with a one-year return of +8.6%. The May 2026 monthly OPERF returns sheet shows Regular Account about $104.6 billion and a Total OPERF NAV chart (including Variable Fund assets) near $110.6 billion for the year ending May 2026. The 2 September 2026 Treasury newsroom release frames OPERF at approximately $104 billion in the Asset-Liability Study narrative. This profile does not invent AUM from INST alone.

Leadership (official OIC / Treasury pages and OIC public books, verified 9 September 2026). Oregon State Treasurer is Elizabeth Steiner (Oregon’s 30th Treasurer; voting OIC member per ORS 293.706(4)). Chief Investment Officer of Oregon State Treasury is Rex Kim (Investment Division; listed as CIO on OIC agendas and public books). OIC Chair is Alline Akintore. PERS Director Kevin Olineck serves on the OIC ex officio without vote (ORS 293.706(5)). There is no separate “CEO of OPERF” seat to invent — investment policy sits with the OIC; execution sits with Treasury.

Why researchers care. OPERF is among the larger U.S. public DB pools (Treasury notes a recent U.S. pension ranking near 13th on Invested for Oregon), with a long private-markets history, monthly performance sheets, quarterly fact sheets, open OIC meetings, a freshly adopted September 2026 strategic allocation that creates a dedicated Credit sleeve and lowers the private-equity target to 19%, and an explicit climate / net-zero reporting stack under Oregon statute (Climate Resilience Investment Act / HB 2081A) plus the Net Zero progress reports.

Related UAO hubs. Registry · Michigan Retirement Systems · AP7 · Elizabeth Steiner · Rex Kim · Universal Asset Owners.

PERS ≠ OPERF ≠ OIC ≠ Treasury — do not conflate

PERS (Public Employees Retirement System) is the benefits-administration agency and system; the PERS Board and Director administer member services, benefit policy implementation, and liability-side work. OPERF / PERF is the invested fund that holds assets used to pay PERS benefits. The OIC is the six-member policy council that oversees investment and allocation of Oregon trust funds including OPERF, the Common School Fund, and SAIF. Oregon State Treasury’s Investment Division implements OIC policy and manages portfolios under the CIO. Performance and Holdings is explicit: Treasury “does not set benefits or administer” PERS itself. Collapsing these four labels into one org chart invents seats and misstates Oregon statute and published materials.

Ship context: this is the 59th live elite institution profile in the UAO Top 100 series (AP7 was 58th; Michigan Retirement Systems was 57th). SAFE, Teacher Retirement System of Texas, and Kuwait PIFSS remain skipped and are not in the institution sitemap. CoS messaging waits for the batch at 60 — this executor does not message CoS or SEO. Theme for this ship is uao 1.3.155 because 1.3.154 was already activated by a Top100 seat-patch ship.

Mandate & ownership

The OPERF Investment Policy Statement (IPS) states that the Oregon Investment Council is responsible for investment and management of investment funds entrusted to it, including OPERF assets. The IPS frames the Policy as establishing objectives, structure, roles, and measurement standards while allowing flexibility to capture opportunities with prudence and care. Assets are to be invested to provide the safeguards and diversity a prudent investor would adhere to for providing benefits to participants and beneficiaries and defraying reasonable expenses of administering the Fund.

Statutory / plan-sponsor chain

• The Oregon Legislature, as Plan Sponsor, sets the PERS benefit structure (IPS Overview).
• The Public Employees Retirement System Board (PERB) administers PERS, which is funded from OPERF; PERB implements and administers policy decisions made by the legislature (IPS).
• The OIC is the primary governing fiduciary for investment and management of OPERF and adopts the IPS, asset-class policies, policy target allocation, ranges, leverage framework, and rebalancing framework (IPS role list).
• The State Treasurer is a voting OIC member by position (ORS 293.706(4)); Oregon.gov OIC page also notes ORS 293.716 framing the Treasurer as investment officer for the council.
• Treasury Investment Division staff implement policy, recommend asset-allocation studies, monitor managers, and rebalance within ranges (IPS staff duties).

What the investment mandate is

OIC materials and Performance and Holdings describe the Council’s statutory mandate as achieving the highest return possible on its investments (with fiduciary prudence). Invested for Oregon says Treasury guides a globally diversified portfolio in pursuit of positive, risk-adjusted returns under OIC policies. The September 2026 Asset-Liability Study narrative ties strategy to meeting fiduciary obligations and supporting more than $4 billion in annual benefit payments.

What the mandate is not

• Not PERS benefits administration — PERS / PERB / Director Olineck handle system administration; Olineck’s OIC seat is ex officio nonvoting.
• Not a sovereign wealth fund or university endowment; OPERF is a public employee retirement trust fund.
• Not identical to other Treasury pools (OSTF, SAIF, Common School Fund, agency/university funds) even though the OIC oversees multiple state trust funds and Treasury reports a combined AUM table.
• Not a license to invent board seats, CIO titles inside PERS, or USD figures that oregon.gov has not printed.

Funds under OIC / Treasury umbrella (context)

Invested for Oregon lists a diversified institutional portfolio including OPERF, State Accident Insurance Fund (SAIF), Oregon Common School Fund (CSF), and Oregon Short Term Fund (OSTF), plus smaller agency and university funds. YE 2025 Performance and Holdings values (millions): Regular Account $101,339; Target Date Funds $5,341; Variable Account $265; OSTF $31,315; SAIF $4,590; CSF $2,769; other line items as published; Total $148,140. This profile’s Top 100 subject is OPERF, not the all-funds total.

Practical mandate test for analysts: if a document sets contribution rates, service credits, or COLA rules, it is on the PERS/legislative side. If it sets policy weights, manager guidelines, or IPS text, it is on the OIC side. If it executes trades, commits to partnerships, or rebalances overlays, it is Treasury Investment Division under the CIO. If it pays benefits or answers member account questions, it is PERS operations. Crossing those wires is the most frequent OPERF entity-map error in secondary databases.

Scale & portfolio

OPERF scale should be cited with the exact as-of date and which sleeve is meant (Regular Account vs Total Fund / NAV including Variable vs Target Date Funds). The figures below are official USD from oregon.gov Treasury / OIC materials folded for this profile.

Dated official USD table

Actual mix — 31 March 2026 Regular Account (Fact Sheet)

The 2026Q1 OPERF Fund Fact Sheet (Regular Account $101.42B) shows actual weights versus then-current strategic targets (April 2023 OIC policy vintage still used on the sheet): Public Equity 19.1% vs target 27.5%; Fixed Income 24.0% vs 25.0%; Real Estate 13.4% vs 12.5%; Private Equity 24.7% vs 20.0%; Opportunity 2.8% vs 0.0%; Real Assets 10.5% vs 7.5%; Diversifying Strategies 5.5% vs 7.5%; Cash ~0%. Private equity remained materially overweight versus the 20% target — a theme of OIC discussions and external commentary, and a driver of the September 2026 target reset.

Actual mix — 30 June 2026 Total Fund (OIC Public Book)

Meketa’s Total Fund summary as of 30 June 2026 ($104.22B): Public Equity 24.2% ($25.20B); Private Equity 23.1% ($24.06B); Fixed Income 17.8% ($18.52B); Real Estate 13.0% ($13.58B); Real Assets 10.5% ($10.95B); Diversifying Strategies 5.8% ($6.02B); Opportunity 2.6% ($2.69B); Cash ex overlay 2.8% ($2.88B).

New strategic targets adopted 2 September 2026

• Public Equity: 26%
• Fixed Income: 20%
• Private Equity: 19% (lowered)
• Real Estate: 10%
• Real Assets: 10% (increased vs prior 7.5% target)
• Diversifying Strategies: 7.5%
• Credit: 7.5% (new standalone strategic portfolio; shifts from Fixed Income and Opportunity)

Treasury’s ALS page and 2 September 2026 newsroom release state forecasted earnings for the new targets at +7.3%, above the PERS assumed rate of +6.9%. Policy documents reflecting new targets/ranges are expected by early 2027, with multi-year rebalancing. Prior IPS Appendix A targets (still on May 2026 monthly sheets): Public Equity 27.5%, Fixed Income 25%, Private Equity 20%, Real Estate 12.5%, Real Assets 7.5%, Diversifying Strategies 7.5%, Opportunity 0% target (0–5% range).

Top holdings snapshot (31 Mar 2026 Fact Sheet)

Largest listed investments by market value on the Q1 2026 fact sheet include: Government Portfolio ($7,721M, Fixed Income); OST S&P 500 Index ($6,408M, Public Equity); BlackRock Russell 3000 ($3,833M); Wellington Core ($2,062M); Western Asset Core ($2,030M); BlackRock Core ($1,989M); OST International Risk Premia ($1,446M); Oak Hill Advisors ($1,235M); Arrowstreet International Core ($1,206M); Acadian ($1,012M). Public equity line includes domestic, international, global, transitional, and closed accounts per the sheet footnote.

Currency discipline restated: every AUM and return figure in this profile is official USD as printed by Oregon State Treasury, OIC packets, or OPERF PDFs. No FX conversion is required. Instantiations soft estimates are not used as headline AUM. When Regular Account, Total Fund, and “approximately $104 billion” ALS language differ by a few billions, the difference is usually sleeve inclusion (Variable/Target Date), private-market valuation lag, or rounding — not a license to average them into a novel number.

Governance & leadership

Governance is split across the OIC (policy fiduciary), Treasury Investment Division (implementation), and PERS/PERB (benefits administration). Do not invent a unitary “OPERF board of directors” that collapses those roles.

Oregon Investment Council

The oregon.gov OIC page states the Council oversees investment and allocation of State of Oregon trust funds including OPERF, the Common School Fund, and SAIF. Council members are fiduciaries. Four members are appointed by the governor; two are ex officio: the State Treasurer and the director of the separate agency that administers PERS. The Council meets eight times annually; meetings are open to the public. ORS 293.706 creates the Council with five voting members and one nonvoting member; the State Treasurer is a voting member.

Council members (published roster, verified 9 September 2026)

• Alline Akintore — Chair; Partner, Oregon Venture Fund; appointed under Governor Tina Kotek, Senate confirmation 16 June 2023; term expires 30 June 2027.
• Pia Wilson-Body — retired; former President, Intel Foundation; appointed under Governor Brown, Senate confirmation 21 September 2022; term expires 30 June 2028.
• Tim Miller — Oregon Business for Climate; Senate confirmation 23 January 2026; term expires 22 January 2030.
• Elmer Huh — M.J. Murdock Charitable Trust investments; Senate confirmation 23 January 2026; term expires 18 April 2029.
• Elizabeth Steiner — State Treasurer (serves by position); voting member per ORS 293.706(4).
• Kevin Olineck — Director, PERS (serves by position); ex officio nonvoting per ORS 293.706(5); appointed PERS Director effective 16 July 2018; PERS serves more than 347,000 members, retirees and beneficiaries per the OIC bio.

State Treasurer

Elizabeth Steiner is Oregon’s 30th Treasurer — first woman and first physician in the office per the official OIC biography. She served thirteen years in the State Senate, including six years as Senate Co-Chair of the Joint Committee on Ways & Means. As Treasurer she is a voting OIC member and the political principal overseeing Treasury’s investment and financial-empowerment programs. UAO person SSR: elizabeth-steiner.

Chief Investment Officer / Investment Division

Rex Kim is listed as Chief Investment Officer on OIC agendas and public books (including the 2 September 2026 and 4 March 2026 packets). Investment Division address on those books: 16290 SW Upper Boones Ferry Road, Tigard, OR 97224; main Treasury office 867 Hawthorne Ave SE, Salem, OR 97301 (addresses only — this profile omits phone numbers). Official Partner Session materials (20 January 2026) introduce Kim as CIO since 2020 and note his prior service as an OIC member. UAO person SSR: rex-kim. Do not invent additional C-suite titles beyond what OIC/Treasury publications name.

Consultants and staff presenters (context, not invented seats)

OIC packets show Meketa (e.g., Mika Malone, Paola Nealon) as investment consultant presenters for OPERF performance and ALS work, with Aon (e.g., Richard Parker) also on the September 2026 ALS action item. These are advisor roles to the Council, not OPERF executive seats.

Person SSR integrity: Elizabeth Steiner and Rex Kim resolve live on UAO at ship time. Alline Akintore, Pia Wilson-Body, Tim Miller, Elmer Huh, and Kevin Olineck are named from the official OIC roster without invented person SSR links. If Instantiations lists alternate titles (e.g., labeling a PERS executive as CIO), prefer the OIC public book and oregon.gov Investment Division labeling — CIO is a Treasury seat.

Investment philosophy

The IPS publishes a Statement of Investment and Management Beliefs that anchors OIC policy. Key beliefs folded from the official IPS text include:

• The OIC is a policy-setting council — asset allocation, portfolio construction, risk measurement, performance monitoring, and consultant selection; staff and managers implement.
• Investment management is part art and part science — beliefs anchored to industry best practices where possible.
• OPERF has a long-term investment horizon — weigh short-term principal-loss risk against long-term failure to meet return expectations; accept periods of volatility; remain innovative and opportunistic.
• Asset allocation drives risk and return — primary policy tool; cash-flow implications of contributions and benefit payments receive explicit consideration.
• The equity risk premium should be rewarded over the long term when risk is reasonably priced.
• Private market investments can add significant value for a true long-term investor, with wide return dispersion and manager-selection importance; liquidity must still meet obligations.
• Additional IPS belief language covers diversification, costs, ESG risks (including proxy voting) treated similarly to other investment risks, and diversity as accretive to meeting OIC objectives.

Portfolio roles (IPS asset-class summaries)

Public Equity: growth opportunities and liquidity for cash-flow needs. Fixed Income: especially high-quality securities for liquidity and ballast; may be managed for cost savings or value-added performance. Private Equity: long-term return enhancement and diversification with wide dispersion across managers/vintage years. Real Estate: income, diversification, inflation sensitivity within institutional property strategies. Real Assets: inflation-linked and real-economy exposures (infrastructure, natural resources, etc., as implemented). Diversifying Strategies: systematically capture certain risk premia / hedge-fund-of-funds-style conservative exposures (HFRI FOF Conservative benchmark in IPS table). Opportunity Portfolio: dynamic, episodic return-enhancement/diversification sleeve with 0% strategic target and a capped range — to be partially re-mapped as Credit becomes a standalone strategic class under the September 2026 targets.

2026 Asset-Liability Study

Every three to five years the OIC conducts a comprehensive ALS with Treasury staff and consultants. The 2026 study reviewed capital-market assumptions from Meketa (with Aon and staff inputs), examined actuarial/liability context with PERS (including a May 2025 joint OIC–PERS Board discussion), and modeled policy, actual, and reference portfolios. On 2 September 2026 the OIC voted new strategic targets (see Scale & portfolio), aiming to distribute risk more evenly, raise forecasted earnings to +7.3% while maintaining risk levels, increase Real Assets (noted as OPERF’s best-performing portfolio at +12.23% over the prior five years ending 31 July 2026 in the newsroom release), and establish Credit as a standalone class. Treasurer Steiner’s newsroom statement supports dialing back private equity and targeting more toward fixed income and public equities; Chair Akintore framed the vote as long-term responsibility to public employees and retirees.

Overlay / rebalancing

The IPS defines an Overlay Manager who monitors daily cash balances and trades equity/fixed-income futures to keep overall allocation closer to OIC-approved targets. Monthly OPERF sheets footnote that actual allocation includes the effect of the policy overlay program.

Implementation note after the September 2026 vote: until early-2027 policy updates land, monthlies and fact sheets may still display April 2023-vintage targets (27.5/25/20/12.5/7.5/7.5) even though the OIC has already adopted the new strategic mix. Cite both: “adopted strategic targets (2 Sep 2026)” versus “IPS Appendix A / monthly policy columns still showing prior targets pending documentation update.” That dual citation prevents false claims that staff are breaching brand-new ranges before ranges are rewritten.

Climate / ESG / ethics

Oregon’s climate and stewardship stack for OPERF is published through Climate-Positive Investing pages, the Net Zero Plan and 2025 Progress Report, the Climate Resilience Investment Act (HB 2081A), shareholder stewardship / proxy voting materials, and IPS belief language treating ESG risks similarly to other investment risks.

Climate Resilience Investment Act & Net Zero framing

Treasury’s Climate-Positive Investing page describes HB 2081A as landmark legislation promoting profitable clean-energy investments while protecting OPERF’s long-term value, championed by Treasurer Steiner. The Act directs Treasury to build a more climate-resilient fund, capitalize on clean-energy opportunities, and consider climate-related financial risks — FAQ language on the page states it does not create new taxes and does not mandate divestment; focus is reducing carbon intensity and preference for investments that reduce net greenhouse-gas emissions while prioritizing risk/return. Biennial reports to the Legislature are part of the accountability design. The Net Zero Plan (developed under former Treasurer Read) targets net-zero OPERF emissions by no later than 2050.

2025 Progress Report — selected official results

• Emissions intensity in OPERF dropped by more than 50% (progress report introduction comparing early tracking years).
• Climate-positive investments within the Real Assets portfolio increased from $1.2 billion as of 1 January 2022 to $2.4 billion as of 30 June 2025.
• Fossil-fuel holdings in private-market funds: after rising into 2023, the report states that marked the peak and that holdings have steadily declined since 1 January 2023.
• 2025 data-provider step: OST contracted with S&P Global for emissions-intensity data; Scope 3 tracking attempted with caveats about data quality.
• Proxy / engagement: progress report notes OIC-authorized expansion of engagement capacity (including non-U.S. firms) and climate-related proxy items among stewardship votes.

Shareholder stewardship & proxy voting

Treasury’s Shareholder Stewardship page states that as a shareholder Treasury actively engages via proxy voting across holdings in nearly every publicly traded company (as phrased on the page). Glass Lewis is the proxy voting agent providing research, recommendations, and vote execution under Treasury’s chosen Glass Lewis ESG policy; staff can override recommendations through an internal approval process. A public proxy voting database is offered for transparency. This profile does not invent vote tallies beyond what official reports print.

Fiduciary framing

Official climate materials repeatedly subordinate climate work to fiduciary duty and risk-adjusted returns. Treasurer Steiner’s progress-report introduction links climate-positive opportunities to retiree income stability and reducing portfolio climate impact without abandoning return objectives.

Performance & reporting

Recent official returns

• YE 2025 Total OPERF Regular Account: +9.7% (1 year), +8.2% (10 year) — Invested for Oregon homepage.
• OIC minutes / Meketa annual review context (4 March 2026 packet narrative): OPERF’s 2025 return of 9.7% trailed the 1-year policy benchmark by 3.9%, with positive returns across asset classes.
• Quarter ending 30 June 2026: Total Fund +3.5%, short of policy benchmark by 0.6% (newsroom / Meketa).
• One year ending 30 June 2026: Total Fund +8.6%, above PERS assumed rate 6.9%, positive across asset classes (newsroom).
• May 2026 monthly Regular Account: YTD 4.24%; 1-year 10.34%; 3-year 8.32%; 5-year 5.76%; 10-year 8.46% (OPERF-053126.pdf).
• June 2026 Meketa Total Fund since-inception (Jul-97): 7.8% annualized vs policy benchmark 8.0%.

Transparency stack

• Monthly OPERF performance PDFs (Regular Account with policy ranges and sleeve returns).
• Quarterly OPERF Fund Fact Sheets (actual vs target pie, net annualized performance, top-10 investments).
• Public equity and fixed income holdings lists (periodic June 30 cuts linked from Performance and Holdings).
• Private Equity / Real Assets portfolio PDFs by quarter.
• OIC public books, minutes, audio, and public-comment packets.
• Investment Policy Statement for OPERF (PDF).
• Proxy voting database; Net Zero / climate progress reports; ALS microsite.

Assumed rate vs investment forecast

PERS system funding uses an assumed rate (newsroom cites 6.9% current assumed rate). The September 2026 OIC allocation targets carry a consultant/staff forecast of +7.3% expected earnings — intentionally above the assumed rate in the published narrative. Researchers should keep the actuarial assumed rate (PERS Board / Milliman context) distinct from OIC policy expected-return forecasts.

Reporting cadence for practitioners: refresh monthly OPERF PDFs for CIO dashboards; use quarterly fact sheets for actual-vs-target pies and top-10 lists; use OIC public books for consultant commentary and commitment logs; use PERS actuarial valuations for funded-status and assumed-rate debates; use climate progress reports on the CRIA biennial cycle for emissions intensity. Mixing these cadences without as-of labels is the most common OPERF citation error.

Controversies & debates

This section privileges official attributable actions and published OIC/Treasury framing. Secondary press is labeled as such and is not used to invent facts.

Private equity overweight vs policy target

Official fact sheets and OIC reviews have repeatedly shown private equity above the 20% strategic target (e.g., 24.7% actual at 31 March 2026). The September 2026 ALS vote lowers the PE target to 19% and creates a Credit sleeve — an official policy response to portfolio imbalance and liquidity/risk distribution concerns discussed in the multi-year study. Treasurer Steiner’s newsroom quote supports dialing back private equity toward public equities and fixed income. Secondary investigative coverage (e.g., Oregon Journalism Project pieces on private equity) has criticized PE sizing and governance; treat that as secondary opinion/reporting, not as OIC minutes.

Relative underperformance vs policy benchmark in strong public-equity years

Official 2025 and mid-2026 reviews note Total Fund trailing the policy benchmark over some one-year windows even while beating the PERS assumed rate (e.g., +8.6% vs 6.9% assumed for the year to 30 June 2026, while trailing policy benchmark). That gap is attributable in Meketa materials partly to private-markets lag and allocation differences versus a more public-market-heavy policy mix — researchers should read the full Meketa pages in OIC books rather than a single headline.

Climate / ESG political debate

Oregon’s Net Zero Plan, CRIA statute, and Glass Lewis ESG proxy policy sit inside a national debate over ESG in public pensions. Official Oregon materials emphasize fiduciary primacy, anti-divestment clarifications on the CRIA FAQ, and risk-management framing. This profile does not invent litigation outcomes or federal preemption claims beyond what oregon.gov publishes.

Official attributable path forward on PE overweight: lower target to 19%, raise Real Assets to 10%, create Credit 7.5%, and accept a multi-year transition with policy documentation updates by early 2027. That is the primary-source resolution narrative as of 2 September 2026 — secondary debates about pace, secondaries, or co-investments should be tagged as secondary unless and until they appear in OIC minutes or Treasury releases.

Timeline

• Jul 1997 — Meketa Total Fund inception date used on OPERF performance composites.
• ORS 293.701 et seq. — statutory framework for OIC / Treasurer investment officer roles (ongoing).
• 16 Jul 2018 — Kevin Olineck appointed PERS Director (OIC bio).
• Apr 2020 — Rex Kim becomes Oregon State Treasury CIO (Partner Session / contemporaneous Treasury announcement coverage).
• Apr 2023 — OIC policy revision referenced on May 2026 monthly sheets for then-current targets.
• 2022–2025 — Net Zero Plan era; emissions-intensity tracking; Real Assets climate-positive sleeve growth $1.2B→$2.4B by 30 Jun 2025 (2025 Progress Report).
• May 2025 — Joint OIC–PERS Board ALS actuarial discussion (ALS page).
• 31 Dec 2025 — OPERF ~$106.9B; Regular Account $101.34B; all-funds $148.1B.
• 20 Jan 2026 — Official “Invested for You” Partner Session with Treasurer Steiner and CIO Kim (OST YouTube).
• 4 Mar 2026 — OIC meeting: Akintore elected Chair; OPERF annual performance review; PE/public equity annual reviews in public book.
• 31 Mar / 31 May / 30 Jun 2026 — Fact sheet / monthly / Meketa Total Fund prints (~$101.4B Regular; ~$104.6B Regular; $104.22B Total Fund).
• 2 Sep 2026 — OIC adopts new OPERF strategic allocation (Credit 7.5%; PE 19%; forecast +7.3%).
• Early 2027 (planned) — IPS/policy updates to codify new targets/ranges; multi-year transition thereafter (newsroom).

Depth annexes

Annex A — IPS Appendix A targets & benchmarks (pre-Sept 2026 policy)

Official IPS allocation table (still the operational reference on May 2026 monthlies until new ranges are codified): Public Equity — MSCI ACWI IMI Net — min 22.5% / target 27.5% / max 32.5%. Private Equity — Russell 3000 + 300 bps — 15.0% / 20.0% / 27.5%. Fixed Income — Bloomberg U.S. Aggregate (as printed) — 20.0% / 25.0% / 30.0%. Real Estate — NCREIF-ODCE + 50 bps — 7.5% / 12.5% / 17.5%. Real Assets — CPI+400 bps — 2.5% / 7.5% / 10.0%. Diversifying Strategies — HFRI FOF Conservative — 2.5% / 7.5% / 10.0%. Opportunity Portfolio — no strategic target (0% / 0% / 5%); returns evaluated at total-portfolio level and do not roll into the Total Portfolio Index benchmark by design.

Annex B — June 2026 sleeve returns (1-year, Meketa Total Fund)

For the year ending 30 June 2026: Total Fund +8.6%; Public Equity +24.8%; Private Equity +1.1%; Fixed Income +3.8%; Real Estate +2.7%; Real Assets +12.3%; Diversifying Strategies +9.8%; Opportunity +10.0%; Cash ex overlay +4.4% (OIC Public Book). Real Assets’ five-year strength is repeatedly cited in ALS communications as justification for raising its strategic weight to 10%.

Annex C — Individual Account Program / Target Date Funds

Treasury’s Individual Account Program pages and Performance and Holdings separate Target Date Funds (YE 2025: $5,341M; May 2026 monthly: $5,697M) and the small Variable Account from the Regular Account. Researchers comparing “OPERF AUM” across sources should confirm whether Target Date / Variable sleeves are included. IAP is related PERS DC-style account infrastructure invested under Treasury programs — still distinct from OIC’s OPERF Regular Account policy mix.

Annex D — Entity map checklist for cite-checkers

• Writing “PERS CIO” or “PERS AUM” when you mean Treasury CIO / OPERF AUM → incorrect.
• Writing “OIC manages benefits” → incorrect; OIC sets investment policy.
• Adding OSTF + SAIF + CSF into OPERF Top 100 AUM → incorrect (those are sibling funds).
• Treating Opportunity Portfolio’s 0% target as “no investments allowed” → incorrect; range allows episodic exposure up to 5% under prior IPS.
• Using INST soft USD without oregon.gov as-of date → non-compliant with this profile’s currency discipline.

Annex E — Outbound report checklist

• Invested for Oregon homepage + Performance and Holdings YE table
• OPERF monthly PDF (latest) + quarterly Fund Fact Sheet
• OIC roster page + ORS 293.706
• Investment Policy Statement for OPERF PDF
• Latest OIC Public Book (ALS + Meketa Total Fund pages)
• 2 September 2026 OST newsroom ALS release
• 2026 Asset Liability Study microsite
• 2025 Net Zero / Climate-Positive Progress Report
• Shareholder Stewardship + proxy database
• PERS agency homepage (benefits side only)

Annex F — May 2026 Regular Account sleeve dollars

OPERF-053126.pdf (periods ending May 2026): Public Equity $25.37B (24.3% actual vs 27.5% target); Private Equity $24.33B (23.3% vs 20.0%); Total Equity $49.70B (47.5%); Fixed Income $21.46B (20.5% vs 25.0%); Real Estate $13.57B (13.0% vs 12.5%); Real Assets $11.05B (10.6% vs 7.5%); Diversifying Strategies $6.04B (5.8% vs 7.5%); Opportunity $2.68B (2.6%); Cash w/ overlay $97M (0.1%). Policy footnote: OIC Policy revised April 2023.

Annex G — Funding narrative (official)

Invested for Oregon states 73.0 cents of every retirement-benefit dollar comes from investment returns. Treasurer Steiner’s 2 September 2026 statement references being “on track to eliminate PERS’ unfunded liability within the next ten years” as political/actuarial context alongside the ALS vote — researchers should verify the latest PERS valuation/Milliman figures on PERS primary sources before treating that phrase as a quantified UAO fact beyond the Treasurer’s attributed quote.

Annex H — Asset-Liability Study process (official ALS page)

The official 2026 Asset Liability Study page explains that managing OPERF to support hundreds of thousands of Oregon public employees in retirement today and decades from now requires looking far beyond current markets. Every three to five years the OIC conducts a comprehensive ALS with Treasury investment staff and OIC consultants to examine the relationship between the fund’s investments, expected market conditions, forecasted system pension obligations, and the acceptable level of investment risk. The study’s findings help shape allocation across public and private equities, fixed income, real estate, real assets, and diversifying strategies — with Credit formally elevated to a strategic portfolio in the 2026 adoption. Capital-market assumptions prepared by Meketa analyze how portfolios may perform over 10-, 20-, and 30-year horizons using historical averages, financial theory, and current valuations versus history. The OIC voted to adopt an average of expected returns and risks forecasted by Meketa, Aon, and Treasury staff. Meketa then modeled current policy targets, actual allocations (as of 31 March 2025 in the study materials), and a reference portfolio of 62.5% stocks / 37.5% bonds, including positive and negative market scenarios. In May 2025 the OIC held a joint meeting with the PERS Board to connect actuarial information with investment strategy — emphasizing that investment decisions must consider when and how the retirement system will need cash for benefits, not only expected returns.

Annex I — September 2, 2026 newsroom detail

The Oregon State Treasury newsroom release dated 2 September 2026 records that the OIC adopted new long-term asset-allocation targets for OPERF after a multi-year process evaluating strategy, risk profile, and PERS long-term obligations. Changes highlighted include: forecasted earnings +7.3% exceeding the 6.9% assumed rate; lowering the Private Equity target to 19%; allocating the largest percentages to Public Equity (26%) and Fixed Income (20%); increasing Real Assets after a +12.23% five-year result through 31 July 2026; and holding Real Estate and Diversifying Strategies near prior targets. Treasurer Elizabeth Steiner stated the decisions position the fund for future growth, stability, and liquidity for educators, first responders, and other public employees, and that the vote is consistent with her investment principles. Chair Alline Akintore thanked investment staff, PERS partners, consultants, and fellow Council members. The release notes next steps: review/modify policy ranges if needed, evaluate benchmarks, develop a transition plan, update OIC investment policies by early 2027, and rebalance over several years. Other agenda items that day included OPERF and Common School Fund quarterly performance, a joint PERS Board discussion, CIO Rex Kim commitment updates, and public comment. CSF returned 8.7% for the quarter ending 30 June, outperforming its policy benchmark per the same release.

Annex J — IPS roles of OIC vs Treasury staff

The OPERF IPS distinguishes Council and staff responsibilities with unusual clarity for researchers. The OIC, as primary governing fiduciary, adopts and reviews the IPS and asset-class policies; reviews and approves policy target asset allocation and ranges; reviews total-fund policy-level leverage; sets rebalancing frameworks; sets total-fund objectives and asset-class benchmarks; selects consultants; and oversees OPERF investment activities. Oregon State Treasury staff responsibilities enumerated in the IPS include implementing approved policies; recommending asset-allocation strategy via ALS work; reviewing asset-class benchmarks and performance/risk objectives; conducting manager due diligence and monitoring; executing rebalancing within ranges; and reporting to the Council. External managers and overlay managers operate under contracts and guidelines approved through that chain. Maintaining the split prevents the common error of treating the CIO as a substitute for the OIC or treating PERS staff as portfolio managers.

Annex K — IPS investment objectives & risk language

Section IV of the IPS states the primary objective of the Fund is to make investments for the sole interest of participants and beneficiaries, seeking to maximize returns relative to risk tolerance and return needs. The OIC believes realization of objectives is enhanced through diversification across asset classes and investment managers to maintain acceptable risk levels and enhance long-term returns. Risk concepts in the IPS acknowledge evolving measurement techniques, including improving identification of ESG risks for security selection and portfolio construction — while still subordinating all activity to fiduciary standards under ORS 293.726 and related law.

Annex L — Net Zero 2025 progress report (folded quotes)

The Office of Oregon State Treasurer Elizabeth Steiner published the 2025 Progress Report: Tracking Net Zero and Climate-Positive Investment Strategies, combining COAL Act / Net Zero tracking and staging the Climate Resilience Investment Act. Official introduction highlights include emissions intensity in OPERF dropping by more than 50%; climate-positive Real Assets investments rising from $1.2 billion (1 January 2022) to $2.4 billion (30 June 2025); and private-market fossil-fuel holdings peaking into 2023 then declining after 1 January 2023. The report documents the goal to reach net-zero emissions in OPERF by 2050, notes S&P Global as 2025 emissions data provider, discusses Scope 3 data-quality limits, and describes expanded corporate engagement capacity authorized via the OIC, alongside proxy strategies that treat climate risk in board elections and compensation items for high climate-risk issuers (including references to net-zero targets and TCFD-aligned reporting expectations). Staff also reference a Net Zero Beneficiary Advisory Council including labor leaders with beneficiary interest in OPERF. All figures above are from the official PDF — not secondary estimates.

Annex M — Stewardship mechanics

Shareholder Stewardship pages state Treasury invests on behalf of public entities and PERS beneficiaries and holds investments in nearly every publicly traded company. Proxy voting is largely automated given thousands of issuers; Glass Lewis populates and executes votes intended to align with core investment beliefs under the chosen ESG policy; Treasury staff monitor and may change votes via internal approval. Votes can cover board elections, executive compensation, organizational structure, environmental practices, and more. The Glass Lewis ESG policy is described as progressive on climate and ESG issues, promoting sustainable business practices, shareholder value, and mitigation of risks related to climate change, human capital, diversity, and other ESG factors — always under the fiduciary umbrella. A public proxy voting database increases transparency of voting decisions.

Annex N — March 4, 2026 OIC meeting notes (official minutes)

Official minutes for 4 March 2026 list members present including Treasurer Elizabeth Steiner, Alline Akintore, Pia Wilson-Body, Elmer Huh (virtual), Tim Miller, and Kevin Olineck, with staff including CIO Rex Kim. The Council approved prior minutes and elected Alline Akintore as OIC Chair. Committee reports from CIO Kim included OPERF commitments (examples in the minutes packet: Lincoln Logistics Fund II, L.P. $100M; Voleon Composition Domestic Fund, LP $300M — cited as published commitment notices, not as endorsements). Meketa’s OPERF Annual Performance Review presented 2025 market context and restated the 9.7% 2025 return trailing the one-year policy benchmark. These minutes corroborate live leadership titles used in this profile and the open-meeting governance cadence.

Annex O — YE 2025 / YE 2024 fund inventory (Performance & Holdings)

Performance and Holdings publishes a comparative fund table (millions): Total OPERF Regular Account $95,073 (2024) → $101,339 (2025); Target Date Funds $4,801 → $5,341; Variable Account $266 → $265; Oregon Short Term Fund $32,102 → $31,315; SAIF $4,395 → $4,590; Common School Fund $2,412 → $2,769; Oregon Vets Bond Sinking Fund $107 → $105; DCBS Fund $405 → $421; DAS Funds $65 → $64; Other Funds $1,460 → $1,931; Total $141,086 → $148,140. OSTF footnote: most state operations run through the Short-Term Fund, which includes many smaller funds; the printed OSTF balance excludes cash already counted inside other listed fund balances. This annex exists so researchers do not accidentally promote the $148.1B all-funds total as “OPERF AUM.”

Annex P — Climate Resilience Investment Act FAQ themes

Official Climate-Positive Investing FAQ themes: CRIA does not create new taxes; it mandates consideration of how existing PERS/OPERF funds are invested to reduce financial risks from climate change. “Climate risks” include physical risks from extreme weather damaging infrastructure, operations, and supply chains, plus transition risks as markets shift toward a lower-carbon economy. The bill focuses on reducing carbon intensity and preference for investments that reduce net GHG emissions — not mandatory divestment — with investment decisions continuing to prioritize risk/return. Biennial legislative reports on carbon emissions of the pension plan support accountability. Timeline items on the climate page reference the Net Zero Plan under Treasurer Read, legislative passage of CRIA, proxy and stewardship milestones, and hiring of ESG analytics capacity historically.

Annex Q — Why Credit becomes a strategic class

ALS and newsroom materials explain that establishing Credit as a standalone strategic asset portfolio shifts exposures previously housed in Fixed Income and Opportunity sleeves, giving greater flexibility to manage credit risk and capture opportunities across credit markets. June 2026 Meketa detail already shows meaningful credit-oriented subcomponents inside Fixed Income (e.g., Structured Credit Products about $1.68B; Investment Grade Credit about $0.92B; Non-Core Fixed Income about $1.71B; Emerging Markets Debt about $0.31B). Elevating Credit to a 7.5% policy target is therefore partly a governance/measurement redesign of exposures that already exist, not necessarily an overnight $8B new funding line — transition will take years per the newsroom.

Annex R — Research use-cases on UAO

Universal Asset Owners researchers typically open OPERF for: (1) U.S. public-pension private-markets sizing and overweight dynamics; (2) ALS-driven strategic resets that create dedicated credit sleeves; (3) dual-track governance (policy council vs Treasury CIO vs benefits agency); (4) state climate statutes interacting with fiduciary investment policy; (5) comparison with peers such as Michigan Retirement Systems (ORS/SMIB/BOI split) and large DC defaults such as AP7 (different pillar, different currency discipline). Always prefer the dated oregon.gov USD print that matches the question’s as-of needs.

Annex S — Address & public access notes

OIC public books list Investment Division at 16290 SW Upper Boones Ferry Road, Tigard, OR 97224, and main office at 867 Hawthorne Ave SE, Salem, OR 97301. Public comments for OIC meetings can be submitted through the process described on the OIC page (deadline noon the Wednesday prior for packet inclusion). This profile intentionally omits phone numbers. Corrections to UAO editorial text go to info@universalassetowners.com.

Annex T — Performance peer context (official fact-sheet caveat)

OPERF Fund Fact Sheets include a 10-year gross risk/return chart versus public funds >$10B using State Street Extended Universe peer data (vintage noted on each sheet). Exact peer percentile labels vary by quarter; this profile does not invent peer ranks beyond what a given sheet prints. June 2026 Meketa Total Fund shows InvMetrics All DB >$5B one-year rank 92 and ten-year rank 53 for the printed periods — useful context that OPERF’s private-markets-heavy mix can lag public-heavy peers in strong equity years even when absolute returns clear the assumed rate.

Annex U — Full IPS belief set (paraphrase of official list)

Beyond the summary in Investment philosophy, the IPS Beliefs section elaborates: (1) OIC sets strategic policy including asset allocation, portfolio construction, risk measurement, performance monitoring, and consultant selection, and establishes the Statement of Investment and Management Beliefs while tasking OST staff, external managers, consultants, and other providers with implementation. (2) Investment management is dichotomous — part art and part science — so governance and daily operations should balance both, anchored to industry best practices. (3) Long-term horizon requires considering impacts on future generations of members and the State; weigh short-term principal-loss risk against long-term shortfall risk; prepare for volatility and dislocations; remain innovative and opportunistic. (4) Asset allocation is the primary long-term risk/return tool; contribution and benefit-payment timing/magnitude have cash-flow implications that must be explicit in allocation decisions; diversification and correlation analysis are essential to risk-adjusted returns. (5) Equity risk premium should be rewarded over long horizons when reasonably priced, even though risk-taking is not consistently rewarded in every period. (6) Private markets can add significant value for patient long-term investors, offer diversifying risk/return profiles, and require careful liquidity management; dispersion is wide, so manager selection is decisive. (7–10 and related) IPS language further addresses diversification across strategies, cost awareness, treating ESG risks (including proxy voting) similarly to other investment risks as measurement improves, and the view that diversity in all aspects is accretive to meeting OIC objectives. Researchers should cite the PDF Beliefs pages directly for verbatim wording in legal or board contexts.

Annex V — Public Equity / Fixed Income / PE role paragraphs (IPS)

IPS asset-class narratives (folded): Public Equity investments are expected to provide a large portion of OPERF’s long-term growth and a source of liquidity. Fixed Income emphasizes high-quality securities for ballast and liquidity to meet cash requirements, with room for value-added or cost-efficient management by Fixed Income Investment Officers. Private Equity is intended to generate higher long-term returns and diversification versus public equities, accepting illiquidity and J-curve dynamics; diversification across strategies, geographies, and vintage years is emphasized. Real Estate seeks current income, diversification, and inflation-sensitive cash flows through institutional property exposures. Diversifying Strategies pursue lower-correlation return streams (conservative hedge-fund-of-funds style exposures in the benchmark design). Opportunity Portfolio is episodic by definition — pursued when compelling, capped, and not part of the strategic benchmark roll-up. Overlay management keeps daily exposures nearer to targets via futures when cash balances would otherwise create drift.

Annex W — June 2026 Fixed Income sub-sleeve detail

Meketa’s 30 June 2026 Asset Class Performance Summary breaks Total Fixed Income ($18.52B, 17.8%) into Core Fixed Income about $6.13B (5.9%); U.S. Government about $7.75B (7.4%); Non-Core Fixed Income about $1.71B (1.6%); Emerging Markets Debt about $0.31B (0.3%); Structured Credit Products about $1.68B (1.6%); Investment Grade Credit about $0.92B (0.9%). One-year sleeve returns in that print include Core +4.1%, Government +2.9%, Non-Core +3.7%, EMD +12.6%, Structured Credit +5.0%, IG Credit +4.6%. This granularity foreshadows how a dedicated Credit policy sleeve may regroup non-core, structured, and related exposures for clearer risk budgeting after the September 2026 vote.

Annex X — PERS member-side context (benefits agency only)

Oregon PERS (oregon.gov/pers) is the member- and employer-facing retirement system agency. OIC biographies note Director Kevin Olineck is responsible for administering the statewide retirement system serving more than 347,000 members, retirees, and beneficiaries. PERS materials and the IPS are aligned that PERS/PERB administer the system funded from OPERF, while investment of OPERF is an OIC/Treasury function. When Instantiations or press shorthand says “PERS fund,” translate carefully: benefits brand ≠ investment fiduciary. Membership counts, Tier structures, and contribution rates belong on PERS primary sources; AUM and allocation belong on Treasury/OIC primaries.

Annex Y — Climate page historical milestones (as published)

The Climate-Positive Investing timeline (as published on oregon.gov) references a sequence of stewardship and policy milestones culminating in CRIA and Net Zero reporting — including earlier Net Zero Plan adoption under Treasurer Read, legislative work on climate resilience investing, proxy and disclosure engagements (including historical SEC climate-disclosure comments), real-estate climate-risk study work, ESG data officer hiring, and ongoing emissions tracking. Exact bullet dates should be taken from the live climate page and the 2025 Progress Report PDF when citing year-certain claims; this annex exists to point researchers at that primary timeline rather than reconstructing it from memory.

Annex Z — Comparing dated AUM prints without double-counting

Practical cite guide: (a) For “headline OPERF at year-end,” use Invested for Oregon’s $106.9B (31 Dec 2025) and show Regular + Target Date + Variable components from Performance and Holdings. (b) For monthly CIO dashboards, use Regular Account from OPERF-MMyydd.pdf (May 2026 ≈ $104.6B). (c) For consultant Total Fund composites in OIC books, use Meketa Total Fund ($104.22B at 30 Jun 2026) and note methodology footnotes about overlays and lagged private-market valuations. (d) For ALS communications in September 2026, “approximately $104 billion” is the official narrative round-number. (e) Never add OSTF/SAIF/CSF into OPERF. (f) Never FX-convert — figures are already USD. (g) If INST soft rank/AUM conflicts with these prints, prefer oregon.gov and footnote INST as soft.

Annex AA — Individual Account Program pointer

Treasury publishes Individual Account Program materials under Invested for Oregon for PERS-related individual account / target-date structures distinct from the OPERF Regular Account policy portfolio. Target Date Fund balances appear in the Performance and Holdings OPERF section because they are retirement assets under Treasury investment programs, but their glidepath construction and member-level choices differ from OIC’s strategic mix for the Regular Account. When modeling funded status or employer rates, actuaries and researchers should confirm with PERS/Milliman which asset pools are inside the actuarial valuation asset measure versus which are member-directed.

Annex AB — Common School Fund & SAIF (sibling funds, not OPERF)

OIC also oversees the Common School Fund (K-12 support from state lands revenues) and SAIF (workers’ compensation insurance fund). The 2 September 2026 newsroom noted CSF +8.7% for Q2 2026 versus its benchmark. YE 2025 values: CSF $2.77B; SAIF $4.59B. These are material Oregon public pools but are outside this Top 100 OPERF profile’s AUM perimeter. Mentioning them clarifies OIC’s broader remit without inflating OPERF scale.

Annex AC — Ship metadata for cite-checkers

UAO ship notes: 59th live elite institution profile (AP7 was 58th). SAFE, Teacher Retirement System of Texas, and Kuwait PIFSS remain skipped and absent from the institution sitemap. Theme target for this ship is uao 1.3.155 (1.3.154 was consumed by a Top100 seat-patch activation). Sitemap file sitemap-registry-institution-2026-09-06bf.xml with 59 locs. Ghost tag #registry-institution; path /registry/institution/oregon-public-employees-retirement-fund/; H1 clear name only; single www canonical via post.canonical_url; Organization+GovernmentOrganization, WebPage, BreadcrumbList, FAQPage (12), VideoObject for official OST Partner Session embed. Daily-refresh disabled. Desk registry-people-desk-41.json sha prefix a13480ec21c4dc98 untouched. CoS messaging waits for batch 60 — this executor does not message CoS or SEO.

Annex AD — May 2026 monthly performance detail

OPERF-053126.pdf (periods ending May 2026) prints Regular Account YTD 4.24%, 1-year 10.34%, 2-year 8.32%, 3-year 7.72%, 4-year 5.76%, 5-year 6.42%, 7-year 8.41%, 10-year 8.46%, versus OPERF Policy Benchmark 1-year 16.35% (value-added −6.01% on that one-year window) and a Reference Portfolio print also provided for context. Sleeve 1-year returns on that monthly: Public Equity 29.77% (MSCI ACWI IMI Net 30.64%); Private Equity 2.14% (Russell 3000+300 bps qtr lag 25.09% — illustrating lagged PE vs public rebound); Fixed Income 5.06% vs Oregon Custom FI 5.13%; Real Estate 4.66% vs custom 3.05%; Real Assets 13.05% vs CPI+4% 8.68%; Diversifying Strategies 10.68% vs HFRI FOF Conservative 10.76%; Opportunity 10.27%. Variable Account 1-year 31.03%. These prints show why absolute OPERF returns can clear the assumed rate while trailing a public-heavy policy benchmark when private equity marks lag a strong equity tape.

Annex AE — Q4 2025 fact sheet bridge

The 2025Q4 OPERF Fund Fact Sheet (updated 29 January 2026) prints Regular Account $101,338,832,752 at 31 December 2025 with actual weights: Public Equity 20.1%, Fixed Income 23.0%, Real Estate 13.4%, Private Equity 24.7%, Opportunity 2.8%, Real Assets 10.6%, Diversifying Strategies 5.4%. Comparing Q4 2025 to Q1 2026 ($101.42B) shows modest Regular Account growth into early 2026 before the stronger May/June Total Fund prints near $104B+. Private equity’s ~24.7% actual weight appears in both quarter-ends — continuity that informs why the September 2026 target cut to 19% is a multi-year implementation problem, not a one-meeting trade.

Annex AF — Related internal Registry links

On UAO, read this institution page alongside person SSR profiles for Elizabeth Steiner and Rex Kim, and peer institution pages such as Michigan Retirement Systems (ORS/SMIB/BOI split) and AP7 (Swedish premium-pension default; SEK discipline). Careers Intelligence and Registry hubs remain the navigation parents for Top 100 elite institution SSR.

Annex AG — OIC meeting cadence and public packet literacy

The OIC page states the Council meets eight times annually. Packets typically include: minutes approval, CIO committee reports (commitments, staffing, risk notes), consultant performance reviews (OPERF and often CSF), asset-class annual reviews (public equity, private equity, real estate, real assets, diversifying strategies on rotating calendars), action items for IPS or allocation changes, and public comment. The 2 September 2026 book is especially important because Tab 5 was an action item to vote strategic asset allocation after the ALS, with presenters from Meketa and Aon. Researchers reconstructing decision trails should download both the Public Book and the subsequent final minutes when posted, because verbal amendments and vote tallies appear in minutes while exhibits live in the book. Public-comment deadlines (noon Wednesday prior for packet inclusion) matter for advocacy groups tracking PE or climate agenda items.

Annex AH — Overlay, cash, and “actual vs target” interpretation

Fact sheets warn that actual asset allocation includes the effect of the policy overlay implementation program. That means a cash balance on the custody ledger can coexist with futures overlays that synthetically restore equity or fixed-income exposure toward targets. When Regular Account cash prints near 0% while Cash ex overlay in Meketa shows a few percent, the difference is often overlay treatment and report mapping — not an unexplained missing billions. Similarly, private equity actual weights can stay above target for years because of illiquidity, commitment pacing, and distribution timing; the September 2026 cut to a 19% PE target therefore implies a measured commitment slowdown and/or relative growth of other sleeves rather than an immediate secondary sale of the entire overweight. Credit’s new 7.5% target will likely be funded from a combination of fixed-income reclassification, Opportunity Portfolio migration, and new commitments over the multi-year transition window described in the newsroom release.

Annex AI — Benefit-dollar and employer-rate transmission

Invested for Oregon’s 73.0-cents-from-investments graphic is the public transmission belt between OPERF returns and PERS affordability. Partner Session remarks (official OST video) similarly note that better OPERF results can ease pressure on employer contribution rates, freeing public-employer budgets for services — while stressing that OPERF is managed as a perpetual fund, not a single-cohort portfolio. Actuarial assumed rate (6.9% in the September 2026 communications) is the PERS Board’s planning rate for contribution calculations; OIC expected return under the new mix (+7.3% forecast) is an investment-policy statistic. Confusing the two produces incorrect headlines such as “OIC cut the assumed rate” when only strategic weights changed.

Annex AJ — Stewardship vs investment-exclusion boundary

Oregon’s published climate stack emphasizes engagement, proxy voting, emissions-intensity reduction, and climate-positive opportunity capture inside Real Assets and related sleeves. CRIA FAQ language explicitly rejects mandatory divestment framing. That boundary matters for comparing OPERF to funds with statutory exclusion lists or single-issue divestment mandates. IPS belief language treating ESG risks similarly to other investment risks supports integration rather than a parallel political portfolio. When secondary press claims Oregon “divested fossil fuels,” check the Progress Report’s actual fossil-fuel holdings path (peak-then-decline in private markets) and the emissions-intensity metric before accepting the claim.

Annex AK — Data hygiene for Top 100 ranking tables

For Universal Asset Owners Top 100 tables, recommend citing OPERF as approximately $104–107 billion USD depending on the as-of chosen, with a footnote to the exact print. Do not silently switch between all-Treasury $148B and OPERF. Do not label the institution “Oregon PERS” in H1 — H1 is Oregon Public Employees Retirement Fund. Meta title may carry the UAO Top 100 brand query shape. Soft Instantiations rank (if shown) is editorial context only. SAFE, TRS Texas, and Kuwait PIFSS remain skipped elites and must not appear in the institution sitemap. This profile is elite #59 after AP7 #58.

Annex AL — Worked example: reconciling YE 2025 OPERF components

Performance and Holdings YE 2025: Regular Account $101,339M + Target Date Funds $5,341M + Variable Account $265M = $106,945M, which rounds to the Invested for Oregon homepage’s “$106.9 billion” Total OPERF phrasing. That arithmetic is the preferred cite-checker proof that homepage and table agree. Adding OSTF $31,315M would incorrectly jump toward the all-funds $148,140M total. May 2026 monthly Target Date Funds $5,697M and Variable $282M similarly sit beside Regular Account $104,597M on the monthly sheet — researchers summing to “Total OPERF NAV” should follow the sheet’s own NAV chart rather than inventing a hybrid of Fact Sheet and Meketa mappings.

FAQ

What is the Oregon Public Employees Retirement Fund (OPERF / Oregon PERF)?

OPERF is the invested asset pool that supports Oregon’s Public Employees Retirement System. Oregon State Treasury’s Investment Division manages it under policies and asset-allocation targets set by the Oregon Investment Council. It is the fund, not the benefits administrator.

How is OPERF different from PERS, the OIC, and Treasury?

PERS administers benefits and system policy under the PERS Board/Director. OPERF is the trust fund of invested assets. The OIC is the fiduciary council that sets investment policy for OPERF and other state trust funds. Treasury’s Investment Division implements OIC policy under the CIO. Do not collapse these entities.

What is OPERF’s official AUM in USD?

Official dated USD only: about $106.9 billion Total OPERF at 31 Dec 2025; Regular Account $101.42 billion at 31 Mar 2026; Total Fund $104.22 billion at 30 Jun 2026 (OIC/Meketa). May 2026 Regular Account about $104.6 billion. Do not invent Instantiations-only headlines.

Who is the Oregon State Treasurer and who is the CIO?

State Treasurer is Elizabeth Steiner, MD (voting OIC member). Chief Investment Officer of Oregon State Treasury is Rex Kim. Both appear on official OIC public books and oregon.gov materials verified 9 September 2026.

Who chairs the Oregon Investment Council?

Alline Akintore is OIC Chair per the official OIC roster and March/September 2026 meeting materials. Appointed voting members also include Pia Wilson-Body, Tim Miller, and Elmer Huh, plus Treasurer Steiner. PERS Director Kevin Olineck is ex officio nonvoting.

What strategic asset allocation did the OIC adopt on 2 September 2026?

Public Equity 26%, Fixed Income 20%, Private Equity 19%, Real Estate 10%, Real Assets 10%, Diversifying Strategies 7.5%, and a new standalone Credit sleeve at 7.5%. Forecasted earnings +7.3% versus PERS assumed rate 6.9%.

What were the prior OPERF policy targets?

Under the IPS/April 2023 vintage still shown on May 2026 monthlies: Public Equity 27.5%, Fixed Income 25%, Private Equity 20%, Real Estate 12.5%, Real Assets 7.5%, Diversifying Strategies 7.5%, Opportunity 0% target (0–5% range).

What returns did OPERF report for 2025 and the year to 30 June 2026?

Homepage: Regular Account +9.7% for 2025 calendar year and +8.2% for 10 years to 31 Dec 2025. OIC/newsroom: Total Fund +8.6% for the one year ending 30 June 2026, above the 6.9% assumed rate.

Does OPERF have a net-zero or climate policy?

Yes. Official materials describe a Net Zero Plan aiming for net-zero OPERF emissions by 2050, the Climate Resilience Investment Act (HB 2081A), and a 2025 progress report citing >50% emissions-intensity reduction and Real Assets climate-positive investments rising from $1.2B to $2.4B (Jan 2022–Jun 2025).

How does Treasury vote proxies for OPERF holdings?

Treasury uses Glass Lewis as proxy agent under a Glass Lewis ESG policy, with staff override capability, and publishes a proxy voting database for transparency (Shareholder Stewardship pages).

Does Treasury set PERS benefits?

No. Performance and Holdings states Treasury invests the pension fund for risk-adjusted returns but does not set benefits or administer PERS. Benefit structure is a legislative/PERS Board responsibility.

Where should corrections to this UAO profile go?

Email info@universalassetowners.com. Primary figures should be checked against oregon.gov Treasury Invested for Oregon pages, OIC packets, and the latest OPERF PDFs in USD.

Sources & further reading

• Oregon State Treasury — Invested for Oregon
• Performance and Holdings
• Oregon Investment Council
• 2026 Asset Liability Study
• OST Newsroom — OIC adopts new OPERF strategy (2 Sep 2026)
• Investment Policy Statement for OPERF (PDF)
• OPERF returns — periods ending May 2026 (PDF)
• 2026Q1 OPERF Fund Fact Sheet (PDF)
• OIC Public Book — 2 Sep 2026 (PDF)
• Climate-Positive Investing
• 2025 Progress Report: Tracking Net Zero and Climate-Positive Investment Strategies (PDF)
• Shareholder Stewardship
• Oregon PERS (benefits administration)
• ORS 293.706 — Oregon Investment Council
• Invested for You: Partner Session 1/20/26 (Oregon State Treasury YouTube)

Official video

Official Oregon State Treasury YouTube Partner Session (20 January 2026) featuring Treasurer Elizabeth Steiner and CIO Rex Kim on the investments program and OPERF. Embedded via YouTube nocookie.

Completeness note

This elite profile targets ~10k sourced words from oregon.gov Treasury / OIC / PERS primaries folded on 9 September 2026. Non-blocking expansions: full private-equity commitment schedules, complete proxy-vote archives, Milliman PERS valuations beyond attributed quotes, and post-2027 IPS text after OIC codifies new ranges. No filler invented. Daily-refresh left disabled. Desk registry-people-desk-41.json untouched.