Pension-fund money used for investment

MICHAEL ROSE
Statesman Journal

September 9, 2006

A group of Napa Valley developers, backed with pension-fund cash from California, have landed in Oregon and brought with them a new business model for the state’s wine industry.

Premier Pacific Vineyards, a Napa, Calif.-based company, has spent the past several years developing six vineyards in Polk and Yamhill counties. About 570 acres of property in the Willamette Valley have been planted with wine grapes or are in the process of being developed by Premier, company officials said.

The company isn’t a winemaker, nor is it a grape-grower in the traditional sense. Although it sells grapes, its primary objective is to enter into long-term vineyard-lease agreements with wineries or sell the vineyards in five to seven years.

Oregon’s reputation for pinot noir brought the California company to the Willamette Valley…

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