Alaska Permanent Fund Corporation is investing $675m (€595.9m) into infrastructure funds managed by Global Infrastructure Partners (GIP) and EQT.

In a meeting document, the $60.4bn sovereign wealth fund said it has approved a $500m commitment into Global Infrastructure Partners Fund IV and $175m into EQT Infrastructure Fund IV.

GIP’s latest fund is expected to be its largest yet as it seeks to raise $20bn. The limited partners in the fund are projected to achieve gross internal rate of returns in the range of 15% to 20%.

According to sources that track fundraising, Swedish investment firm EQT is planning to raise €7.5bn, limited to €9bn, for its fourth fund, which targets European and North American assets.

Alaska Permanent Fund’s infrastructure portfolio as at the end of last year was valued at $2.7bn with a 17.58% five-year return.