Arizona Public Safety Personnel Retirement System, Phoenix, tentatively approved investing up to $30 million in JPMorgan Asian Infrastructure & Related Resources Opportunity fund, confirmed Jim Hacking, administrator of the $5.3 billion system.
Mr. Hacking said the move will further diversify the system and reduce its reliance on equities.
“We didn't have any exposure in terms of infrastructure to the Asian market,” Mr. Hacking said. “This adds a degree of diversification to what we've had so far.”
He said the investment will be reflected in the system's real asset category.
As of June 30, the system had 54.9% in equities, 20.3% in fixed income, 7.6%, credit opportunities; 8.9%, real estate; 4.2%, real assets; 2.7%, private equity; and 1.4%, cash equivalents. The system aims to eventually reduce equities to 50%, Mr. Hacking said.
The investment is tentative pending due diligence, which should be completed within 30 days, Mr. Hacking said.
Consultants ORG and Albourne Partners assisted.