The Oregon Investment Council, which oversees the $76.2bn Oregon Public Employees’ Retirement Fund, has agreed to pursue contract extensions with its two general consultants, Callan Associates and Pension Consulting Alliance (PCA), as well as TorreyCove Capital Partners, which advises its alternatives and opportunity portfolios.

At the council’s 31 October meeting, members voted to approve a final two-year extension for the Callan and PCA contracts, carrying those deals through the end of 2020. In 2016 the council approved the first of two possible two-year extensions to the original three-year contract with both firms.

The decision to retain TorreyCove follows a search for an alternatives consultant that began in June with an RFP. Eight firms submitted proposals and TorreyCove was among three semi-finalists interviewed on 29 August by a committee comprising council member Rex Kim, chief investment officer John Skjervem, alternatives portfolio head John Hershey and staffers Ben Mahon, Paul Koch and Mike Mueller.

The committee recommended TorreyCove as the consultant for the alternatives portfolio, which includes Oregon’s hedge fund holdings. The new contract will be for three years with two possible two-year extensions.

Oregon’s alternatives portfolio is in the midst of a build-out to 12.5% of the total portfolio, or about $9.5bn of the current portfolio. As of 30 September, the alternatives portfolio stood at $6.7bn, or 8.8% of the portfolio.

Oregon re-ups general, alternatives consulting contracts on HFM InvestHedge.