Infrastructure
The retirement system will interview three firms for a $20 million mandate.
The board also named a new retirement manager.
The plan is conducting the search to comply with state procurement regulations.
The commitments were approved by the plan’s private markets committee at a meeting yesterday and require full board approval later this month.
The retirement system added a $75 million commitment to an existing manager relationship last month.
The firm has completed the buildout of its leadership team focused on climate-related investments for its infrastructure platform with the appointment of a co-head for its global climate strategy.
The pension plan recently committed approximately $2.2 billion total to eight funds and terminated an existing credit strategy.
The plan made three follow-on commitments at this week’s board meeting.
The search is being conducted to comply with state regulations.
Institutional commitments to private infrastructure funds increased in the second quarter given attractive characteristics—like providing an inflation hedge or cash yield—and product offerings that have gained steam in recent years, a trend that will likely continue into the second half of 2023 and beyond.