Connecticut Retirement Plans and Trust Funds (CRPTF) is considering a $125m (€110.2m) commitment to a low-carbon infrastructure fund managed by Climate Adaptive Infrastructure (CAI).
According to the pension fund’s meeting document, the Climate Adaptive Infrastructure Fund, which seeks to raise $1bn, has so far raised $300m.
A final close for the fund is expected to occur in June next year.
CAI is expected to make a co-investment commitment of around $15m into the fund.
Climate Adaptive Infrastructure Fund will be investing around 80% of its capital in transactions in the US or Canada and the remaining capital will be used to target opportunities in other OECD countries.
The fund is targeting deals that require equity investments in the range of $75m to $200m that can produce gross internal rate of returns of 15%.
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