Newport News (Va.) Employees’ Retirement Fund approved two new infrastructure commitments totaling $20 million.
The $1 billion pension fund’s board approved commitments of $10 million each to renewable energy fund BlackRock Global Renewable Power Fund IV and Grain Communications Opportunity Fund IV, a communications infrastructure fund managed by Grain Management, at its April 25 meeting, recently released meeting minutes showed.
They are the pension fund’s first commitments to closed-end infrastructure funds. NNERF currently has one investment in an open-end infrastructure fund managed by J.P. Morgan Asset Management, according to its most recent comprehensive annual financial report.
As of June 30, the pension fund’s actual allocation to infrastructure/natural resources was 5.4%; the target is 5%.
Investment consultant Meketa Investment Group assisted.
