NEW YORK Raudline Etienne, chief investment officer of the $155 billion New York State Common Retirement Fund, Albany, and William Clark, director at the $80 billion New Jersey Division of Investment, Trenton, both see lucrative investment opportunities in infrastructure.
We see opportunities not just in the U.S., but in New York-based infrastructure projects. There is much work needing to be done in New York alone, Ms. Etienne said at a luncheon June 11 at the Consortium for Plan Sponsors and Minority Managers in New York. She added that the prospect for double-digit returns exists in the asset class.
Mr. Clark, also at the event, said the system was not limiting infrastructure investment opportunities to the existing toll-road and airport assets, but would look at more esoteric items such as cell-phone transmission towers, and power transmission and distribution systems. When you're looking for inflation protection, these are great places to invest, but I prefer to see them offered in non-private equity structures, Mr. Clark said. Private equity structures charge fees that are too high, employ too much leverage and force you to exit the asset quicker then I'd like.