Sixteen Democratic lawmakers want Oregon State Treasurer Elizabeth Steiner to conduct what they say is a long overdue comprehensive audit of the Oregon Public Employees Retirement Fund. “We believe this imbalance would have been addressed much earlier if Treasury and the Oregon Investment Council had conducted investment program audits.” The Oregon Investment Council, which oversees the fund, established a target of 20% for private equity, but as of May 2025 the fund had 27% invested in that asset class. The chair of the Oregon Investment Council, Alline Akintore, did not immediately return a call seeking comment. OPERF has about $1.3 billion in unsold values for pre-2014 private equity funds, the lawmakers said, citing an investment council report.