PORTLAND, Ore., April 7, 2011 /PRNewswire/ -- The Oregon Investment Fund ("OIF") today announced its 2010 update on commitments and investments in Oregon and Pacific Northwest companies, including the impact on jobs and spending in the region. The OIF is a fund-of-funds managed by Credit Suisse's Customized Fund Investment Group ("CFIG") on behalf of the Oregon Investment Council ("OIC").
Since the inception of the fund in 2004 and through the end of 2010, the OIF fund managers and Credit Suisse have cumulatively:
- Impacted approximately 3,743 jobs throughout the Pacific Northwest including more than 1,250 jobs in Oregon.
- Invested $215 million in Pacific Northwest companies including $160 million in 20 companies either headquartered or holding significant operations in Oregon.
- Brought in an additional $336 million to OIF companies in the region from outside investors that, when combined with the OIF capital, represents a more than seven times leverage of the OIF's investment.
- Committed $121.7 million to 13 funds and invested $7.5 million in four companies.
CFIG performs a number of functions as the manager of the OIF including sourcing premier funds, performing comprehensive due diligence, investment execution, and monitoring and reporting.
"We believe that the funds and investments comprised by this program represent the best-of-breed for private equity funds and co-investments working in the region today," said David Almodovar, Principal in CFIG, who manages the program in Oregon. "The OIF and its partner funds continue to identify strong companies that will drive growth in the Pacific Northwest and Oregon."
The OIF's underlying co-investments achieved the following milestones:
- Throughout 2010, the OIF's 35 Oregon and Pacific Northwest portfolio companies produced a total spend of payroll and other taxes of more than $150 million in the Pacific Northwest and a total spend in Oregon of approximately $66 million.
- Portland-based Kryptiq entered into a strategic partnership with Surescripts, the nation's largest e-prescribing company.
- Agilyx, a Portland-based energy company, received a new round of financing from Kleiner Perkins Caufield & Byers, a leading Silicon Valley venture capital firm.
- Wellpartner, a Portland-based outsourced pharmaceutical company continued to significantly expand its operations throughout the U.S. and crossed the $100 million in revenue mark.
- FoodShouldTasteGood and Ciao Bella moved operations from San Francisco and New Jersey, to set up manufacturing facilities in Hermiston and Eugene, respectively.
For more information on the OIF, visit www.oregoninvestmentfund.com
For Further Information
OIF: Lisa MacKenzie, MacKenzie Marketing Group, 503-225-0725, [email protected]
Credit Suisse: Katherine Herring, Corporate Communications, 212-325-7545, [email protected]
About the OIF
The OIF is a fund-of-funds that is managed by CFIG for the Oregon Public Employees Retirement Fund ("OPERF") and is overseen by the 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. Following the passage of HB Bill 3613 by the Oregon Legislature, the OPERF chose to develop a fund-of-fund strategy to take advantage of the private equity opportunities in Oregon and the Pacific Northwest. 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 has been invested directly into operating companies alongside the OIF private equity and venture capital managers. The OIC chose CFIG 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.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,100 people. 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 hedge funds, credit, index, real estate, commodities and private equity products, 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 19 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.
CFIG at Credit Suisse is one of the largest and deepest investment teams dedicated to private equity investing. As of December 31, 2010, CFIG manages over $27 billion(1) in commitments to private equity funds of funds and co-investments, both in the U.S. and internationally. CFIG's over 125 professionals are based at the group's offices in New York, London, Hong Kong, Chicago, Columbus, Detroit, Indianapolis, Los Angeles, Portland and Raleigh.
CFIG specializes in developing customized private equity investment programs that address the specific needs of investors which benefit from leveraging the Credit Suisse platform.(2) CFIG develops fund investment programs for active institutional investors who have a specific portfolio needs, 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.
1. Includes approximately $6.7 billion of commitments relating to funds that CFIG currently manages, but which were not raised by and which were not invested by CFIG.
2. CFIG is part of Credit Suisse's Asset Management Division. As such, CFIG's contact and interaction with Credit Suisse's Equity Research practice and all other practices within Credit Suisse, along with CFIG's ability to share information with clients (e.g., via FundCentral™, in connection with CFIG's collaborative investment process, etc.), are subject to Credit Suisse internal compliance, confidentiality, regulatory and other applicable restrictions.
SOURCE Oregon Investment Fund