California Public Employees' Retirement System
Pacific Corporate Group
The Oregon Investment Council is protective of Oregon assets and takes any allegations seriously, and arranged a briefing with PCG executives about the issues that sparked the California concern. There is confidence that Oregon has continued to receive expert and independent analysis, and that advice has helped to maintain Oregon's top-tier investment performance. (The consulting arm of PCG that deals with Oregon is separate and insulated from the part of the company that raised concerns.)
Even with the confidence, remember that he OIC does not rely solely on its consultants to vet potential investments. Those are chosen through a multi-tiered due diligence process in which the State Treasury evaluates a proposal, and it is separately evaluated by the consultant. Then, any investments must pass muster with members of OIC (which is not monolithic) and then the negotiations and terms of every deal involve the DOJ.
In September, the OIC extended [PDF] the contract for PCG by two years. That said, under the contract, the OIC retains the right to terminate, at will.