Caisse de Depot et Placement du Quebec, Montreal, acquired a 15% stake in the Indiana Toll Road Concession Co. from infrastructure manager IFM Investors, according to a joint news release from the C$365.5 billion ($292.1 billion) pension fund and infrastructure money manager.
ITRCC maintains and operates the 157-mile Indiana Toll Road and was originally purchased in May 2015 by IFM for $5.7 billion, funded with $3.2 billion of equity and $2.5 billion of debt.
The $460.8 billion California Public Employees' Retirement System, Sacramento, acquired a 10% stake in May 2016.
According to the Monday news release, IFM continues to own "more than 70%" of the toll road.
"ITR is a critical channel for the flow of goods in the United States whose resilience and importance for the logistics industry have been demonstrated in recent months. It will be as essential as ever as the economic recovery takes off," said Emmanuel Jaclot, executive vice president and head of infrastructure at CDPQ, in the news release. "We are delighted to once again team up with a business partner of IFM's caliber to ensure the success of this high-quality asset."
As of Dec. 31, the pension fund's actual allocation to infrastructure was 8.8%.
Spokespeople at CDPQ and IFM Investors could not be immediately reached for further information.