CalPERS acquired a 10% stake in the Indiana Toll Road Concession Co. LLC from infrastructure manager IFM Investors, the Sacramento-based pension fund said in a news release Wednesday.
ITRCC maintains and operates the 157-mile Indiana Toll Road. It is the $293.6 billion California Public Employees' Retirement System's first U.S. transportation investment for its $3.1 billion infrastructure portfolio, which is part of the pension fund's real assets program. Terms were not disclosed.
In May 2015, IFM purchased ITRCC for $5.7 billion, funded with $3.2 billion of equity and $2.5 billion of debt.
“This solid, long-term investment represents our first foray into a transportation asset in the United States,” said Paul Mouchakkaa, managing investment director for CalPERS' real assets program, in the news release. "We continue to make progress building up this important program, and the ITRCC aligns well with our recently adopted strategic plan for real assets."