Oregon State Treasury taps Meketa’s Tad Fergusson to lead private markets

The Oregon State Treasury has appointed Tad Fergusson as Director of Private Markets, a role in which he will oversee private market investments across the state's major pension and trust funds, beginning July 28, 2025. Fergusson will report directly to Rex Kim, the Treasury's Chief Investment Officer, and assume responsibility for managing private market allocations for the Oregon Public Employees Retirement Fund (OPERF)—the Treasury's flagship vehicle with $100.1 billion in assets—as well as the State Accident Insurance Fund, Oregon Common School Fund, Oregon Short-Term Fund, and other investment vehicles managed on behalf of state agencies and university systems. The Treasury manages $141.1 billion in total assets across all funds.

Fergusson joins the Treasury from Meketa Investment Group, where he has served as Managing Principal since 2019, advising some of the largest public pension plans in the United States on private equity, private credit, and real assets allocation and strategy. His appointment draws on nearly three decades of institutional investment experience. Prior to his tenure at Meketa, Fergusson spent nearly 23 years at Pension Consulting Alliance LLC—which merged into Meketa in 2019—where he led private equity consulting efforts and guided strategic portfolio decisions for major public pension plans.

Oregon State Treasurer Elizabeth Steiner emphasized the strategic importance of the hire, noting that "private market investments are an important part of Oregon's portfolio" and that Fergusson's expertise arrives at a time when "global economic uncertainty makes our investment decisions more complex." Private equity has historically been one of the strongest-performing asset classes within OPERF, with 10-year returns of approximately 12%, underscoring the significance of experienced leadership in this portfolio segment.

Fergusson, a Chartered Financial Analyst and University of Oregon alumnus with degrees in economics and an MBA in finance, expressed enthusiasm for the role, citing his status as a lifelong Oregonian and commitment to building relationships with partners and stakeholders to "deliver long-term, sustainable value for Oregon and our state's public employees." His appointment follows the departure of Michael Langdon, who held the Director of Private Markets position from September 2015 through March 2025. The leadership transition occurs amid broader institutional review, including a pending asset allocation study that may shape the Treasury's strategic direction in private markets positioning.