Alameda County Employees’ Retirement Association (ACERA) is investing $40m (€32.6m) in the ISQ Global Infrastructure Fund II as it seeks to lift its under-allocated real assets portfolio.

According to a board meeting report, ACERA’s real assets portfolio, which includes real estate investment trusts (REITs), private and public infrastructure, agricultural and timber, was valued at $271m, representing 3.6% of its $7.5bn in total assets.

The new commitment will move its exposure closer to its 5% allocation target. 

Last year, IPE Real Assets reported that I Squared Capital planned to raise $5bn for its latest fund.

It will invest in value-add infrastructure assets predominantly in North America and Europe, with the potential to include some growth markets in Latin America and Asia.

I Squared Capital will focus on mid-market deals in the energy, utilities and transportation sectors.

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