Stanislaus County Employees’ Retirement Association, Modesto, Calif., committed $50 million to Morgan Stanley Infrastructure Partners II, recently released board meeting minutes said.
The $1.8 billion pension fund made the commitment as a result of the creation of a 3% target to infrastructure in November 2012 as a result of an asset-liability study. An invitation-only search was conducted in the fall of 2014.
The other finalist was KKR & Co. with its KKR Global Infrastructure Investors II.
Investment consultant Strategic Investment Solutions assisted.
Rick Santos, executive director, was not available by press time.