California Public Employees Retirement System (CalPERS) has approved $2.6bn (€2.4bn) worth of infrastructure commitments, according to the pension fund in a board meeting document.

The $498bn pension fund said it topped up its investment in the Global Infrastructure Partners V fund with an additional $850m commitment.

As previously reported, CalPERS placed $1.7bn into the Global Infrastructure Partners-managed fund seeking to raise $25bn.

CalPERS also made a $1bn capital commitment to Golden Maple Infrastructure Partners, a new partnership, and added $750m to its $2.8bn Tower Bridge Infrastructure Partners separate account with Tower Bridge Infrastructure Partners.

According to CalPERS, the Tower Bridge partnership – formed three years – recorded 21.5% total return on a one-year basis.

As of the first quarter of the year, the pension fund’s total infrastructure amounted to $15.7bn, comprising assets in North and Latin America, Europe and Asia Pacific.

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