State Treasurer Sings a New Tune on Private Equity

This story was produced by the Oregon Journalism Project , a nonprofit newsroom covering the state.

In an unusual public letter to the Oregon Investment Council last week, 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.

An OJP investigation published in August found the state pension fund had underperfor