Oregon Treasurer Elizabeth Steiner urged to audit public employee retirement fund over private‑equity excess

Sixteen Oregon Democratic lawmakers sent a letter to State Treasurer Elizabeth Steiner on Aug. 3, urging a comprehensive audit of the Oregon Public Employees Retirement Fund (OPERF). They cite the fund’s $104 billion portfolio holding about 27% in private‑equity—$7 billion above the 20% target set by the Oregon Investment Council—and returns that have lagged the OPERF benchmark for most of the past decade. Oregon law requires a full audit every four years, but the last one was completed ten years ago. The lawmakers reference an August 2025 Oregon Journalism Project investigation that uncovered the excess private‑equity exposure. They request that the audit be finished and made public within 12 months. "We believe this imbalance would have been addressed much earlier if Treasury and the Oregon Investment Council had conducted investment program audits," the letter reads, adding that concerns over transparency and reliability of returns have persisted for years, as noted by Sen. Jeff Golden.