Alameda County Employees' Retirement Association, Oakland, Calif., invested a total of up to $400 million in three real assets index funds managed by State Street Global Advisors, recently released board meeting minutes said.
The $8.1 billion pension fund's board approved investments at its Dec. 20 meeting of up to $200 million in the State Street S&P Global Large/Mid/Cap Natural Resources Index Non-Lending Fund, up to $140 million in State Street S&P Global Infrastructure Index Non-Lending Common Trust Fund and up to $60 million in the State Street Bloomberg Roll Select Commodity Index Non-Lending Fund.
Funding comes from full redemptions totaling $300 million from real-return funds managed by AQR Capital Management and Gresham Investment Management, and $100 million from rebalancing equity and fixed-income managers. The reasons for the redemptions, and how much was invested in individual accounts, could not be immediately learned.
The pension fund's real assets target is 5%.
Separately, ACERA's board approved a commitment of up to $40 million to EQT Infrastructure IV, managed by EQT Partners. The pension fund previously committed €35 million ($40 million) to EQT Credit Opportunities III in 2016.
Agnes Ducanes, administrative specialist, could not immediately provide further information.