Frederick County (Md.) Employees Retirement Plan committed $23 million each to infrastructure funds managed by Brookfield Asset Management and IFM Investors.
The $794 million pension fund's board approved the commitments to the funds at its Oct. 11 meeting, recently released meeting minutes show.
Funding for the new commitments was approved at its Nov. 8 meeting following the board's approval of a newly created 6% target to global infrastructure. Funding comes from reductions to the pension fund's targets to equities and fixed income to 62% and 31%, respectively. Their prior targets were not disclosed. The pension fund also has a 1% target to cash.
The names of the infrastructure funds were not disclosed in either meeting's minutes.
Investment consultant Marquette Associates assisted.
Lori Depies, the county's chief financial officer, could not be immediately reached for further information.