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ERAFP commits $368 million to infrastructure, private equity funds of funds

Etablissement de Retraite Additionnelle de la Fonction Publique, Paris, committed €350 million ($368.4 million) to Ardian France and Access Capital Partners for infrastructure and private equity funds of funds, respectively.

The purpose of the private equity commitment is to contribute to the financing of the French and European economies, the French public service pension fund said in a news release.

ERAFP will invest commit €200 million for investments primarily in unlisted European midmarket companies through growth capital or buyout transactions or, to a lesser degree, mezzanine debt or unitranche financing.

The length of the two contracts is 10 years each, with two potential two-year renewal options.

Under the infrastructure commitment, the €26 billion pension fund intends to commit €150 million in unlisted infrastructure assets in the European Union.

Ardian, the sole manager, will build a mixed greenfield and brownfield portfolio mainly through primary investments in new infrastructure funds or secondary investments in existing infrastructure funds, the pension fund said in the news release.

An ERAFP spokeswoman confirmed that Ardian and Access are new managers for the pension fund.