North Dakota State Investment Board, Bismarck, approved two commitments totaling up to $215 million, said David J. Hunter, executive director and chief investment officer of the North Dakota Retirement & Investment Office.
The board at its May 21 meeting approved a commitment of up to $150 million to ISQ Global Infrastructure Fund III, an infrastructure fund managed by I Squared Capital.
Of the $150 million approved for the commitment, $90 million is targeted for the state's $8.2 billion Legacy Trust Fund and $60 million for the state's $6.4 billion pension assets pool.
The board previously committed $140 million to ISQ Global Infrastructure Fund II in 2018.
The board also approved a follow-on commitment of $65 million to Macquarie Infrastructure Partners V, managed by Macquarie Investment Management. The board originally committed $100 million to the fund in May 2020.
Of the $65 million approved for the follow-on commitment, $30 million is targeted for the legacy trust fund, $20 million for the pension assets pool and $15 million for the state's $3.1 billion insurance trust.
As of March 31, the legacy trust fund's actual allocation to diversified real assets was 9.4%, and the insurance trust fund's actual allocation to diversified real assets was 8.7%. The pension asset pool's dedicated allocation to infrastructure was 4.3% as of March 31.
Investment consultant Callan assisted.