Fresno County Employees Retirement Association has committed $95m (€81.5m) to infrastructure funds managed by Nova Infrastructure Management, Ares Management Corporation and Palistar Capital.
The pension fund disclosed in a meeting document that it has placed $35m each into the NOVA Infrastructure Fund II and the Ares Secondaries Infrastructure Solutions Fund III non-core funds and committed $25m to the Palistar Digital Infrastructure Fund III, a core-plus fund.
NOVA Infrastructure Fund II is seeking to raise $1bn to invest in sectors including environmental services, transportation, energy/energy transition and digital infrastructure in North America.
As previously reported, Ares Secondaries Infrastructure Solutions Fund III, which aims to raise $2bn, is expected to buy partnership interests in existing infrastructure funds. The fund expects to generate an internal rate of return of 11% to 14%.
The Palistar fund targets a $2.5bn fundraising target with a $3bn hard cap. Palistar will make a co-investment of $25m or 1% of unaffiliated investor contributions, whichever is less.
At least 80% of the fund’s capital will target North American digital infrastructure, aiming for a net internal rate of return of 12 to 15%.
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