Alaska Retirement Management Board, Juneau, committed $75 million each to Brookfield Global Infrastructure Securities and Lazard Global Listed Infrastructure Fund, confirmed Judy Hall, liaison officer for the board.
The public infrastructure funds are managed by Brookfield Investment Management and Lazard Asset Management, respectively.
It is the first public infrastructure investment for the board, which oversees $24.3 billion in retirement assets, including $20.5 billion in defined benefit plan assets. The board committed $300 million to its first private infrastructure managers in September.
Separately, the board approved changes to its $3.1 billion 401(a) and $731 million 457 plans. It added the Goldman Sachs Retirement Portfolio Completion strategy as a new stand-alone investment option. The portfolio is made up of three investment types — real return, non-traditional growth and income, and absolute return.
Also, the board approved changes to the underlying investments in three T. Rowe Price portfolio options — target date, balanced and long-term balanced. The international equity benchmark is changing to MSCI ACWI ex-U.S. from the MSCI EAFE to add exposure to emerging markets. International equity will also now take up 30% of the traditional equity portion, up from 20%. The primary fixed-income benchmark is moving to the Barclays Capital U.S. Intermediate Aggregate Bond index from the Barclays Aggregate. Also, T. Rowe Price will be allowed to opportunistically invest in TIPS and floating-rate debt within the fixed-income portion of the portfolios.
The overall changes are expected to increase total fees by 0.5 basis points.