Stanislaus County Employees’ Retirement Association, Modesto, Calif., made two new infrastructure commitments totaling $80 million.
The $2.5 billion pension fund’s board at its meeting Tuesday approved commitments of $50 million to IFM Global Infrastructure Fund, an open-end fund managed by IFM Investors, and $30 million to J.P. Morgan Infrastructure Investments Fund, an open-end fund managed by J.P. Morgan Asset Management, said Stan Conwell, retirement investment officer.
The commitments follow the board’s approval in November to raise its infrastructure target to 7.5% from 2% following the completion of an asset-liability study.
As of Feb. 28, the actual allocation to infrastructure was 1.4%.
Investment consultant NEPC assisted.