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Oregon Investment Fund Propels US$334 Million of Capital Investments in Oregon and Pacific Northwest Companies
Over 3,088 jobs in Oregon and the Pacific Northwest influenced by OIF portfolio funds
PORTLAND, Ore., March 10 The Oregon Investment Fund (OIF) entered 2009 with a healthy track record of both investments in Oregon and Pacific Northwest companies and jobs.
In 2008, The OIF increased investments in Oregon and Pacific Northwest companies by more than $81 million to approximately $139 million, thereby influencing over 3,088 Northwest jobs. As of December 31, 2008, the OIF committed $114 million to 12 funds and invested $5.5 million directly into three companies in Oregon.
The OIF is a fund-of-funds managed by Credit Suisse’s Customized Fund Investment Group (“CFIG”) on behalf of the Oregon Investment Council. CFIG’s activities include sourcing premier funds, performing comprehensive due diligence, investment execution, and monitoring and reporting.
“The OIF is fostering the creation and growth of young and maturing companies in Oregon and the Pacific Northwest,” said David Almodovar, a Vice President in CFIG at Credit Suisse who manages the program in Oregon. “Since the inception of the OIF in July 2004, the net impact to Oregon has been approximately $334 million of capital invested by OIF funds and co-investors in Oregon and Pacific Northwest companies.”
In 2008, the OIF attracted $195 million in capital from additional investors representing an increase of $150 million from 2007. The number of investments in Oregon and the Pacific Northwest companies now total 24, of which 20 are either headquartered in Oregon or have significant operations in the State.
2008 investments include:
- Wellpartner Inc., a Portland-based pharmacy distribution business for health plans, Medicaid programs, and safety-net providers nationwide,
- San Francisco-based Walden Venture Capital,
- Portland-based Riverlake Partners, a private equity firm making growth investments in smaller profitable companies, and
- Seattle-based Evergreen Pacific Partners, a private equity firm making middle market buyout and growth equity investments in the Western region of North America.
About the Oregon Investment Fund
The OIF is a fund of funds that is managed by Credit Suisse’s Customized Fund Investment Group for the Oregon Public Employees Retirement Fund (“OPERF”) and is overseen by the Oregon Investment Council (“OIC”). OIF’s portfolio is comprised of funds ranging from private equity buyout firms that invest in more mature and established businesses to early/seed stage funds that invest in young, fast growing companies. In July 2003, House Bill 3613 was passed in the Oregon State Legislature and enacted a mandate for the OIC to design and implement a $100 million program that encourages the growth of small businesses within the state of Oregon. To accomplish this mandate, the OIC chose to develop a fund of funds, the OIF. This fund, which is capitalized by funds from the OIC, has committed capital to private equity and venture capital funds that in turn invest in companies located primarily in the state of Oregon, as well as the Pacific Northwest region. In addition, a percentage of the assets of the OIF may be invested directly into operating companies alongside the OIF private equity and venture capital managers. The OIC chose Credit Suisse Customized Fund Investment Group to develop and manage this Fund on a discretionary basis. The OIF was awarded an additional $50 million in May of 2007 to continue building the portfolio of the Fund. Contact www.oregoninvestmentfund.com.
As one of the world’s leading banks, Credit Suisse provides its clients with private banking, investment banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 47,800 people. Credit Suisse is comprised of a number of legal entities around the world and is headquartered in Zurich. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including alternative investments such as private equity, hedge funds, real estate and credit, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 23 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.
All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.
Customized Fund Investment Group
The Customized Fund Investment Group (CFIG) at Credit Suisse is one of the largest and deepest investment teams dedicated to private equity fund investing. The Group is co-headed by Michael Arpey and Kelly Williams, who founded CFIG in 1999. CFIG manages over $20 billion in commitments to private equity funds of funds and co-investments, both in the U.S. and internationally. CFIG’s 101 professionals are based at the Group’s offices in New York, London, Chicago, Columbus, Detroit, Indianapolis, Los Angeles, and Portland.
CFIG specializes in developing customized private equity investment programs that address the specific needs of investors and which benefit from leveraging the Credit Suisse platform. CFIG develops fund investment programs for active institutional investors who have a specific portfolio need and for emerging institutional investors who have a need for assistance with asset allocation, portfolio development and administration, due diligence, and other advisory services, or any combination thereof. Once established, CFIG takes a service-oriented, long-term partnership approach to its customized accounts.
CFIG’s clients include sophisticated institutions and high-net worth investors. Credit Suisse’s extensive transaction experience, which includes coverage of many top-tier private equity sponsor groups, allows CFIG to access and analyze many leading private equity and venture capital funds. CFIG currently manages over $3 billion of commitments to funds sponsored by small and emerging managers for sophisticated institutional investors including Teacher Retirement System of Texas, Virginia Retirement System, and New Jersey Division of Investment. CFIG actively invests in funds managed by small and emerging managers and, consequently, is exceptionally familiar with the small and emerging market and its impact on the future growth of the economy.
Source: Oregon Investment Fund