Orange County Employees Retirement System (OCERS) has selected EQT’s latest global infrastructure fund as its first real assets commitment for 2023.

OCERS CIO Molly Murphy disclosed in a meeting document that the pension fund has placed $100m (€91.2m) into EQT Infrastructure VI.

The pension fund’s real assets pacing for 2023 is to invest up to $250m by making between two to four commitments.

Back in February, EQT disclosed it had set a €21bn hard cap target for the fund, adding that the actual fund size is dependent on the outcome of the fundraising process. The manager raised €15.7bn for EQT Infrastructure V, EQT’s predecessor fund which closed in November 2021.

Most of Fund VI’s capital will be invested in either Europe or the US as it targets value-add investment opportunities in sectors such as energy, environmental, transportation, logistics, social and telecommunications.

The fund targets a net internal rate return of 11% to 15% with an expected leverage component of 50% to 60%.

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