The Oregon Investment Council (OIC) received the annual performance review of the Oregon Public Employees Retirement Fund’s (OPERF), Oregon’s largest investment portfolio with regular account assets under management reaching $101 billion by year-end in 2025. For the one‑year period ending December 31, 2025, the Fund returned 9.68%, outperforming the Oregon Public Employees Retirement System’s assumed rate of 6.90%, with positive returns across all asset classes. Other topics discussed during the review included global market trends and portfolio activity in the prior year.
“These healthy investment returns will contribute to the Public Employee Retirement System’s stability and help it stay on track to eliminate the unfunded liability by 2036,” said Oregon State Treasurer Elizabeth Steiner, MD. “This is good news for public employees, public agencies and all Oregonians.”
The Council held its regular meeting on March 4. At the meeting, the Council also adopted updated capital market assumptions for the pension fund, and received a briefing on the energy transition, among other business. For more information view the public meeting booklet available on the OST website.
As part of the ongoing, routine asset-liability study, the Council considered and approved updated capital market assumptions as proposed. Among external advisors and staff, there was broad agreement that public equities, private equity, and real assets are expected to be the primary drivers of long-term portfolio returns. These assumptions form the analytical foundation for evaluating the pension fund’s portfolio strategy.
Representatives from Goldman Sachs joined the meeting to provide a briefing to the Council on the ongoing global energy transition and long-term impacts on markets. Analysts reported that renewable energy stocks outperformed oil and gas in 2025 as well as other sectors (including tech stocks) and discussed opportunities for climate positive investments over the next four years. The discussion provided timely insights into material changes across energy systems as the Oregon State Treasury continues implementing priorities from the Climate Resilience Investment Act (CRIA), which was adopted during the 2025 Oregon Legislation session.
The meeting also marked the first for two (2) new Council members, Elmer Huh and Tim Miller. The Council unanimously elected members Ms. Alline Akintore and Ms. Pia Wilson-Body as Chair and Vice-Chair, respectively.
The Council reviewed 2025 investment performance for the Common School Fund, Oregon’s endowment fund which supports public schools in all 36 Oregon counties. For the one-year period ending December 31, 2025, the Common School Fund returned 15.40%, slightly trailing its policy benchmark, with all asset classes generating positive returns in the prior year.
Other agenda items included receiving updates regarding new investment commitments from Chief Investment Officer, Rex Kim, and providing time for public comment.
The OIC is a six-member board responsible for setting investment policy for OPERF and other state investment funds. Four members are appointed by the governor. The state treasurer and the director of the Public Employees Retirement System serve by position.
The next OIC meeting is scheduled for Wednesday, April 15, 2026.
