Alameda County Employees’ Retirement Association (ACERA) has approved a $40m (€34m) commitment to I Squared Capital’s latest global infrastructure fund, according to the pension fund’s board meeting agenda.
ACERA committed the capital to ISQ Global Infrastructure Fund IV, a fund with a $15bn fundraising target with no hard cap.
Fund IV’s global strategy allocates two-thirds of the portfolio to the Americas and Europe, with the remainder targeting OECD countries in Asia and Latin America and up to 25% in non-OECD regions as it invests in power and utilities, transportation/logistics, digital, environmental and social assets.
The commitment to Fund IV marks ACERA’s first for its real assets portfolio in 2026. The pension fund’s investment staff are currently evaluating three additional commitments woth $160m in total for approval later this year, including another private infrastructure investment.
The other two are for private natural resources follow-on commitment with existing managers.
In 2025, ACERA made no natural resources investments, skipping a planned $80m allocation. According to board documents, the pension fund failed to find any natural resources investments last year that offered attractive risk-adjusted returns or sufficient diversification for the portfolio.
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