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Pathway Capital Management’s co-investing strategy set up with Oregon’s public pension system early last year has expanded rapidly, with the state’s commitment more than tripling to $850 million as of last month.

The dedicated fund could climb significantly higher as funds are sold off through a monitoring and liquidity management program the state set up late last year with Irvine, Calif.-based Pathway. That plan calls for the firm to manage as much as $2 billion in Oregon Public Employees Retirement System private-equity…