CalPERS entered into a partnership with Australian money manager QIC, which will run A$1 billion ($805 million) in a customized Asia-Pacific infrastructure portfolio, said Joe DeAnda, spokesman for the $308.1 billion California Public Employees’ Retirement System, Sacramento.
This will be CalPERS’ first investments in Asia-Pacific infrastructure. The pension fund has about $2.1 billion, or about 0.7% of total assets, in infrastructure investments. The strategic target is 1%, Mr. DeAnda said.
QIC’s customized separately managed account will invest “in high-quality infrastructure assets across sectors, including water, power, transportation and energy,” a CalPERS news release said.
In August, CalPERS committed $485 million to an infrastructure partnership with UBS Global Asset Management.