Newport News (Va.) Employees' Retirement Fund committed $35 million to J.P. Morgan Infrastructure Investments Fund.
The $1.1 billion pension fund's board approved the commitment to the open-end infrastructure fund managed by J.P. Morgan Asset Management at its March 31 meeting, said Virginia A. Lovell, assistant director of the city's finance department, in an email.
Investment consultant Meketa Investment Group recommended the pension fund's first infrastructure commitment in order to diversify the pension fund and help it reach its 3% target to infrastructure and natural resources, Ms. Lovell confirmed. Currently, the asset class has investments only in timber.
