The Oregon Investment Council reviewed year-end investment results for several state-managed funds, including the Oregon Public Employees Retirement Fund’s Opportunity Portfolio, during its regular meeting on April 15. The Council also received updates on climate-positive investment strategies and an internal audit of Treasury’s private equity program.
The Opportunity Portfolio managed $2.85 billion in assets and achieved an 11.2% return for the one-year period ending December 31, 2025. This portfolio is designed to enhance returns through flexible and opportunistic investments that diversify OPERF’s holdings.
Oregon State Treasurer Elizabeth Steiner, MD said, “These performance updates show that Treasury’s investment team continues to steward a wide range of portfolios through uncertain economic times, producing solid returns for Oregonians.”
Other state-managed funds reported strong performances as well. The Individual Account Program delivered returns ranging from 12.8% to 8.1% across its target-date funds in 2025, reflecting a diversified approach that balances growth with risk management. The Oregon Savings Growth Plan served more than 42,000 participants at year-end with $4.53 billion under management; its Passive International Stock option returned 33% for the period ending December 31, 2025.
Climate-positive investments were also highlighted at the meeting. OPERF’s emissions intensity declined by over half between January 1, 2022 and December 31, 2023 while real assets portfolio holdings with positive climate impact doubled from $1.2 billion to $2.4 billion as of June 30, 2025.
An independent internal audit conducted by Macias Gini & O’Connell LLP gave Treasury’s private equity program a “satisfactory” rating—the highest possible—after assessing governance practices and risk controls.
The six-member Oregon Investment Council sets policy for OPERF and other state funds; four members are appointed by the governor while the state treasurer and director of Public Employees Retirement System serve by position.
