Oregon State Treasury (OST) has approved $370.3m in new commitments to private equity, following its Investment Council meeting held in May 2025, according to a report by Private Equity International.
The latest allocations include $265m to Advent International GPE XI, $100m to Advent Global Technology III, and a $5.3m follow-on commitment to Mayfield Select III.
Advent International GPE XI is the eleventh flagship buyout vehicle from Advent International, targeting $26bn. The fund will pursue control-oriented investments across North America, Europe, and Asia, with a multi-sector approach.
Advent Global Technology III continues the firm’s sector-focused strategy, investing in technology, media and telecommunications (TMT) across North America and Europe. OST was a limited partner in the predecessor vehicle, Advent Global Technology II, which closed on $4bn and has delivered a TVPI of 1.23x and an IRR of 13.1% to date, with 52.53% of capital called.
The $5.3m re-up to Mayfield Select III – a venture capital fund managed by Mayfield Fund – follows an initial $20m commitment in May 2023. The fund focuses on early-stage opportunities in clean tech, renewables, consumer goods, TMT, and energy sectors across North America.
OST currently maintains a 27.1% allocation to private equity – significantly above its 20% target – with the PE portfolio valued at $26.01bn.
