Cincinnati Retirement System committed $50 million to an open-end infrastructure fund managed by IFM Investors, said Don Beresford, finance manager, in an e-mail.
It is the $2.1 billion pension fund’s first commitment to an open-end infrastructure fund after previously only committing to closed-end funds, to provide more liquidity. The pension fund’s infrastructure target is 5% and the actual allocation as of March 31 was 5.9%.
At the time, the pension fund had $74 million invested in a closed-end fund managed by Alinda Capital Partners, and $50 million invested in a closed-end fund managed by Macquarie Group.
Investment consultant Marquette Associates assisted.