Research brief
Loading...
OPERF Oracle holding
$76.9 million
352,161 shares in Oracle Corporation as of June 30, 2025. Oracle holds the federal contract to manage Medicare, Medicaid, CHIP, and ACA records for nearly 150 million Americans.
Stonepeak / ICE charters
$2.5 billion committed
Stonepeak portfolio includes OMNI Air International, which operates ICE deportation charter flights.
GI Partners / ICE fuel
$501.7 million across Fund IV and Fund V
GI Partners portfolio includes Signature Aviation, which provides fuel and ground services for ICE deportation flights.
Veritas Capital / federal biometrics
$1.225 billion committed
Veritas Capital's portfolio includes the contractor building the federal biometric database used to identify people for immigration enforcement.
Private equity 3-year return
Negative 3.6% net annualized
OPERF PE return for the three years ending September 30, 2025, against a policy target of 20% allocation. Actual allocation: 25.3% — 5.3 points above target.
Illiquid holdings
51% of OPERF
Confirmed by CIO Rex Kim on April 15, 2026. Policy target is 40% — an 11-point structural gap.
Oracle FCPA violations
$25 million in civil fines, two SEC actions
2012: $2 million penalty, India. 2022: $23 million disgorgement and penalty, Turkey/UAE/India. No criminal charges in either action. Violations continued seven years after the first settlement.
Oregon tax subsidies to Oracle
$450 million
Oregon Enterprise Zone and MSEC tax breaks administered at the county level in Washington County, home to Oracle's Hillsboro data centers.
What you can do right now
Oregon residents have the right to submit a public comment to the Oregon Investment Council requesting a formal risk assessment of OPERF's Oracle holdings and a human rights investment screen. Your comment becomes part of the permanent public record.
The OIC meets on May 27, 2026. The public comment deadline is May 20, 2026 at noon.
Submit directly to: OIC.PublicComments@ost.state.or.us