Oregon Investment Fund

The Oregon Investment Fund (OIF) is designed to encourage, to build and to invest in growing, innovative enterprises creating risk-adjusted returns for the Oregon Public Employees Retirement Fund (OPERF).

OIF, funded by the OIC (Oregon Investment Council), commits money to both private equity and venture capital funds that in turn invest in companies located in the state of Oregon, as well as the Pacific Northwest region. In some circumstances, OIF invests directly in operating companies alongside the OIF’s private equity and venture capital managers.

Since its onset, OIF has become a critical part of the funding landscape in the Northwest, and continues to further this position through partnerships with other leading funds and seeking out promising enterprises.

Strategy

As a team, Credit Suisse and the Oregon Investment Council aim to build the OIF portfolio with:

• Investments that are mainly in Oregon or Pacific Northwest-based companies,
• Investments that are primarily placed through Oregon/Pacific Northwest-focused and based private equity funds,
• Investments that are mainly designated to funds that intend to invest in venture- or growth-capital, later-stage or buyout companies, and
• Funds that intend to make investments that could ultimately benefit start-up companies coming out of Oregon colleges and universities.

Fund Management

OIF is managed by Credit Suisse’s Customized Fund Investment Group (CFIG). The group’s activities include: sourcing premier funds, performing comprehensive due diligence, investment execution, and monitoring and reporting.

CFIG is one of the largest and most experienced fund-of-funds managers in the world, with approximately $25.1 billion in private equity funds under management as December 31, 2009. Investment professionals in the group have more than 90 years of private equity fund investing experience at leading public and corporate pension plans and financial institutions, and have managed more than $20 billion of private equity fund investments over the course of their careers

Kelly M. Williams, Managing Director and Group Head
Kelly is a Managing Director and Group Head of the Customized Fund Investment Group. Previously, Kelly was an Executive Director with Prudential's private equity group. At Prudential, Kelly was responsible for the management of the fund investment group as well as investing in private equity funds on behalf of Prudential and its clients. Kelly was primarily responsible for product and business development, as well as legal support for the Private Equity Group from 1996 to 1999 during which time she was responsible for the development of eight global private equity funds. Kelly joined Prudential in 1993 as counsel for a Prudential unit that specialized in providing private debt and equity for global infrastructure projects. Prior to joining Prudential, Kelly was an associate with Milbank, Tweed, Hadley and McCloy, where she specialized in global project finance. Kelly graduated magna cum laude from Union College in 1986 with a Bachelor of Arts degree in Political Science and Mathematics and received her Juris Doctor degree from New York University School of Law in 1989.

David Almodovar, Principal
David is a Principal in the Customized Fund Investment Group. David is located in CFIG’s Portland office. Previously, David was a Director in a private equity group at the Russell Investment Group and had responsibility for investing and monitoring Russell’s private equity partnership investments. Prior to joining Russell, David was a Principal with SS Thomas & Associates and was responsible for advising the firm’s clients on investment strategies, fund structures and fund raising strategies. Prior to SS Thomas & Associates, David was an Investment Officer in the alternative investment division of the Washington State Investment Board where he managed a $5.2 billion portfolio of private equity investments. Prior to his work in the investment industry, David served in many capacities in the U.S. Army, including assignments in the United States, South Korea and Saudi Arabia during Operation Desert Storm. Dave received a BA from the University of Washington and an MBA from St. Martin’s School of Business and Economics.

Advisory Committee

Scott Gibson, Gibson Enterprises
Kirby Dyess, Austin Capital Management
Patricia Moss, CEO, Bank of Cascades
Michael Payne, CEO, Answer Connect
Dave Chen, GP, Equilibrium Partners

Since its inception in 2003, the OIF has brought premier venture capital funds to Oregon, encouraging small business growth and continued growth to the region.