State Treasurer Sings a New Tune on Private Equity
Elizabeth Steiner says she supports reducing state pension fund investment in the underperforming assets.
This story was produced by the Oregon Journalism Project, a nonprofit newsroom covering the state.
Letter to the Oregon Investment Council
In an unusual public letter to the Oregon Investment Council, State Treasurer Elizabeth Steiner said she supports trimming $6 billion in private equity assets from the Oregon Public Employees Retirement Fund.
“While it is true that private equity has added significant value to our funds, I agree with the OIC and staff’s decision to reduce our overall allocation in this asset class,”
she wrote. Steiner’s letter signals a concession to critics and a significant shift in how state officials invest the $100 billion retirement contributions of 415,000 current and retired public employees.
Author's summary: Treasurer supports reduction in private equity investments.
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