​CalPERS plans to award $1bn mandate to Global Infrastructure Partners

California Public Employees Retirement System (CalPERS) is planning to award to a $1bn (€884m) mandate to Global Infrastructure Partners as it looks to boost its exposure to infrastructure, according to a board meeting document.

The $356bn pension fund will seek approval from its board next week for the mandate, as well as a $500m commitment to the JP Morgan Infrastructure Investments Fund.

The two commitments combined would represent close to a third of the value of CalPERS’s existing infrastructure portfolio, which was valued at $4.3bn in September 2018.

CalPERS has been generated high returns from its infrastructure porfolio recently, recording a net return of 20.6% during the 12 months ending 30 June 2018.

The pension fund has invested in funds managed by Global Infrastructure Partners before, but this is thought to be its first separate-account mandate.

Its infrastructure portfolio is made up of eight commingled funds, three direct investments and two separate accounts.

The JP Morgan Infrastructure Investments Fund is an open-ended vehicle established in 2006.

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  • QN-2559

    Asset class: Multi Assets.
    Asset region: -.
    Size: EUR 15m (may be split into two mandates EUR 7.5m).
    Closing date: 2019-09-06.

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    Asset class: Private Equity.
    Asset region: Global.
    Size: $40m.
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    Asset class: Infrastructure.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

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