Knoxville (Tenn.) City Employees' Pension Fund committed a total of $32 million to open-end infrastructure funds managed by IFM Investors and Ullico Investment Advisors, its first to the asset class.
The $630 million pension fund's board approved commitments of $21 million and $11 million, respectively, to the IFM and Ullico funds at its Dec. 13 meeting, said Kristi Paczkowski, executive director.
The pension fund created a new 5% target allocation to infrastructure earlier in 2019. Funding came from the reduction of other asset classes; Ms. Paczkowski could not immediately provide further information.
Investment consultant Marquette Associates assisted.