Connecticut Retirement Plans and Trust Funds is considering a $200m (€187.4m) commitment to Stonepeak Infrastructure Fund V, according to the pension fund’s meeting document.
The Stonepeak Partners fund, which has a target size of $15bn, is expected to hold its first close next month, at which time the fund manager will set a hard cap.
Stonepeak Partners, the fund’s manager, is expected to co-invest in the fund to the tune of 1.5% of total commitments.
The fund will invest the vast majority of its capital in the US and Canada, with no more than 25% allocated to other OECD countries.
The fund will mainly invest by taking controlling equity or significant minority positions in large, high-quality, essential infrastructure assets primarily within the transportation/logistics, energy/energy transition and communication sectors.
Fund V targets a net internal rate of returns of 12% and 15% gross returns.
Stonepeak Partners declined a request for comment.
Connecticut Retirement said it is also considering a $125m commitment to Penzance Real Estate Fund III, a US value-add fund managed by Penzance Properties.
The fund’s manager is seeking to raise $500m with a $700m hard cap to mainly invest in a mixture of industrial, multifamily and data centre assets.
Connecticut is also considering committing $125m to Homestead Capital USA Farmland Fund IV, a fund that invests in row and permanent cropland in the US.
Homestead Capital USA has so far raised $350m for the fund which has a $500m fundraising target with a $575m hard cap.
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