California Public Employees Retirement System (CalPERS) has approved a $198.5m (€187.7m) commitment to an infrastructure co-investment vehicle managed by Global Infrastructure Partners.

CalPERS disclosed in a meeting document that it has placed the capital into the GIP IV Gutenberg Co-Invest but declined to comment further.

GIP IV Gutenberg Co-Invest is expected to invest alongside Global Infrastructure Partners IV, a global fund that raised $22bn at its final close in 2019. Partners IV invests in infrastructure sectors like energy, transportation, water/waste and digital.

As reported previously, CalPERS estimates that it will need to commit approximately $5bn to new infrastructure investments every year to maintain its new real assets allocation target.

The $443bn pension fund decided in 2021 to increase its target allocation for real assets from 13% to 15% at the start of the new fiscal year on 1 July 2022.

CalPERS disclosed in a meeting document in November last year that it had at the time approved $4.5bn worth of infrastructure commitments.

To read the latest edition of the latest IPE Real Assets magazine click here.