Iowa Public Employees Retirement System (PERS) has committed $200m (€176.1m) to Energy Capital Partners to back the manager’s North America value-add electricity and sustainable infrastructure assets fund.
The US pension fund committed the capital to ECP Fund VI from Energy Capital Partners, expanding its infrastructure portfolio which stood at $531.5m through to the end of March 2026.
Energy Capital Partners is targeting $5bn with a $7.5bn hard cap for ECP Fund VI, which will seek transactions capable of producing net internal rate of returns of 15% and 20% on a gross basis.
The fund expects to complete a total of 10 to 15 investments, maintaining a holding period in the range of four to six years for each asset.
Iowa PERS has completed the initial phase of its infrastructure fund manager search for the 2026 calendar year. This follows the pension fund’s investment plan, which detailed an allocation of up to $600m into the infrastructure asset class for this year.
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