Indiana Public Retirement System, Indianapolis, committed a total of $300 million to three real assets funds from the $39.3 billion defined benefit plan, according to meeting materials from the system's board of trustees meeting Friday.
From the pension fund's $3.6 billion real assets portfolio, $100 million was committed to KKR Diversified Core Infrastructure Fund, an open-end fund managed by KKR & Co., an existing manager for the retirement system. The fund's portfolio managers will invest in core infrastructure assets in Organization for Economic Cooperation and Development countries, the materials said. The KKR fund is focused on yield and capital preservation.
INPRS also committed $100 million to a new manager, DigitalBridge, for investment in another infrastructure fund, Digital Colony Partners II. The fund's investment team will invest in digital assets, including data centers, towers and digital billboards.
The final $100 million commitment was to Bain Capital Real Estate Fund II. The managers of the value-added real estate fund will focus primarily on small to midsize opportunities in North America. Bain Capital is an existing manager for the pension fund.
INPRS had a total of $46.7 billion in assets as of July 31. In addition to the defined benefit plan, INPRS also has $6.8 billion in defined contribution plans, with the balance in non-retirement funds.
