Linked copy--Private and public equity targets and ranges

	A	B	C	D	E	F	G	H	I
1	Year/Quarter	PE Lower range %	PE Policy Target %	PE Actual %	PE Upper range %	Public Lower range %	Public Policy Target %	Public Actual %	Public Upper range %
2	2019 Q1	13.5	17.5	21.3	21.5	32.5	37.5	35.2	42.5
3	2019 Q2	13.5	17.5	21.6	21.5	32.5	37.5	35	42.5
4	2019 Q3	13.5	17.5	22.3	21.5	27.5	32.5	34.3	37.5
5	2019 Q4	13.5	17.5	21.9	21.5	27.5	32.5	34.6	37.5
6	2020 Q1	13.5	17.5	25	21.5	27.5	32.5	28.4	37.5
7	2020 Q2	13.5	17.5	22.9	21.5	27.5	32.5	31.9	37.5
8	2020 Q3	13.5	17.5	24	21.5	27.5	32.5	29.9	37.5
9	2020 Q4	13.5	17.5	23.5	21.5	27.5	32.5	30.8	37.5
10	2021 Q1	13.5	17.5	24.1	21.5	27.5	32.5	31.1	37.5
11	2021 Q2	13.5	17.5	25.1	21.5	27.5	32.5	29.4	37.5
12	2021 Q3	13.5	17.5	26.4	21.5	27.5	32.5	27.2	37.5
13	2021 Q4	15	20	25.7	27.5	25	30	26.7	35
14	2022 Q1	15	20	27.1	27.5	25	30	24.9	35
15	2022 Q2	15	20	28	27.5	25	30	21.1	35
16	2022 Q3	15	20	27.4	27.5	25	30	20.4	35
17	2022 Q4	15	20	26.6	27.5	25	30	21.3	35
18	2023 Q1	15	20	27.1	27.5	25	30	18.6	35
19	2023 Q2	15	20	27.8	27.5	22.5	27.5	17.1	32.5
20	2023 Q3	15	20	28.6	27.5	22.5	27.5	15.5	32.5
21	2023 Q4	15	20	28.1	27.5	22.5	27.5	16.5	32.5
22	2024 Q1	15	20	28.4	27.5	22.5	27.5	16.1	32.5
23	2024 Q2	15	20	28.4	27.5	22.5	27.5	16	32.5
24	2024 Q3	15	20	27.9	27.5	22.5	27.5	16.6	32.5
25	2024 Q4	15	20	26.5	27.5	22.5	27.5	17.3	32.5
26	2025 Q1	15	20	27.1	27.5	22.5	27.5	16.6	32.5
27	2025 Q2	15	20	26.5	27.5	22.5	27.5	18	32.5
28	2025 Q3	15	20	25.3	27.5	22.5	27.5	19.3	32.5
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31	All private equity allocations are above target, usually by 30% to 40%
32	2/3 of private equity allocations are above upper range and are highlighted
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34	All public equity allocations since 2020 are below target, since 2022 usually by 30% to 40%
35	All public equity allocations since 2022 are below lower range, since 2022 usually between 30% and 40%, and are highlighted
36
37	Sources: OPERF “Returns and Asset Allocations” March, June, September and December 2019-2025 (except December 2025) at https://www.oregon.gov/treasury/invested-for-oregon/Pages/Performance-Holdings.aspx
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