Oregon Takes Page from the Canadian Public Pension Model
The government of Alberta did a similar thing by creating Alberta Investment Management Corporation (AIMCo), so did British Columbia, British Columbia Investment Management Corporation (bcIMC). AIMCo and other Canadian public pension have developed large in-house teams in various asset classes such as real estate, private equity, and external equity management, saving money on management fees.
It would enable the proposed entity more flexibility, the power to enter strategic partnerships, change pay structures to attract more in-house capabilities, and save money on external manager fees.
Other interesting notes in the legislation include the governor of Oregon appointing four voting members to the board which can be removed by the governor with or without cause. The members must be qualified by training and experience in the areas of finance or investments.