Tucson (Ariz.) Supplemental Retirement System committed about $43 million to an open-end infrastructure fund managed by IFM Investors.
The $860 million pension fund's board voted to make the commitment at its Feb. 27 meeting following a shortlist search, said Art Cuaron, the city's pension and benefits administrator, in an email.
IFM is the pension fund's first open-end infrastructure manager after it previously invested only in closed-end funds.
J.P. Morgan Asset Management was the other finalist.
Investment consultant Callan assisted.