The Pennsylvania Office of the State Treasurer committed $25 million to the Ullico Infrastructure Fund, a fund managed by Ullico Investment Advisors that invests in construction, maintenance and refurbishment projects based in the U.S. and Canada, according to a Feb. 20 news release.
Ullico will invest at least $50 million in infrastructure development projects in the state over the next four years under the agreement with the office, the news release added. Projects may relate to utilities, communications, transportation and renewable energy.
The PA 529 Guaranteed Savings Plan — which is one of two plans the state sponsors for college and career savings — will provide $20 million, a spokesperson said in an email. The other $5 million will come from the Other Post-Employment Benefits Fund, which goes toward retiree benefits such as health insurance.
The state treasury office currently allocates $310 million in publicly traded infrastructure investments, the spokesperson added.
"We'll get a strong return on our investment, and we will benefit tremendously from Ullico's investments in our state, which will create good-paying jobs and strengthen communities," said Stacy Garrity, state treasurer, in the release.
Over the past three years, the treasurer's office has increased its investments with state-based firms to close to $4 billion from $1.5 billion, and "significantly increased" its use of diverse- and veteran-owned money management firms, Garrity added.
The Ullico Infrastructure Fund had $5 billion in commitments as of Sept. 30.
