Oregon School Fund Adds to Francisco Partners, TPG Mandates

The Oregon Investment Council is continuing to deepen its exposure to private equity, disclosing two additional commitments from its $2.8 billion Common School Fund to flagship buyout strategies managed by Francisco Partners and TPG. 

The fund allocated $15 million each to Francisco Partners VIII and TPG Partners X in December 2025, complementing significantly larger commitments made during the same period on behalf of the $100 billion Oregon Public Employees Retirement Fund. Those included $250 million to Francisco Partners VIII and another $250 million split between TPG Healthcare Partners III and TPG Partners X. 

Francisco Partners VIII, a technology-focused buyout fund, has recently attracted capital from several major public pensions, including the South Carolina Retirement System, Washington State Investment Board and the Ohio Police & Fire Pension Fund, underscoring strong institutional demand for tech-oriented private equity strategies. 

Meanwhile, TPG Partners X is targeting investments across North America and Europe, spanning lower-middle market through large-cap companies. The fund has been aiming for a $13 billion raise and has secured commitments from investors such as the State of Michigan Retirement System and the Minnesota State Board of Investment.