Updated with correction
Fresno County (Calif.) Employees' Retirement Association, agreed to increase by $50 million its allocation to an infrastructure strategy run by IFM Investors, confirmed Doug Kidd, investment officer for the $5.8 billion pension fund.
The pension fund already had $180 million in the strategy. Funding for the increased allocation will come from cash.
Infrastructure currently accounts for about 4% of FCERA's portfolio. The board wants to increase that allocation to 5%. IFM is the pension fund's only infrastructure manager.
Verus Advisory, the pension fund's investment consultant, recommended the action. The board took the action at its Wednesday meeting.