The Fresno County Employees Retirement Association is planning to invest $120m (€115.6m) in infrastructure in 2025, according to the pension fund’s board meeting document.
NEPC, the pension fund’s investment consultant disclosed in the document that the 2025 infrastructure pacing plan includes initial commitments of around $50m to $90m to up to two infrastructure secondaries managers.
The hiring of two infrastructure secondaries managers will only be considered if their strategies are sufficiently distinct to prevent unnecessary duplication.
The investment strategy is expected to enhance the pension fund’s vintage year diversification and help mitigate the initial J-curve effect, according to NEPC.
The investment consultant plans to present the investment strategies, including an infrastructure secondaries fund, to the pension fund at its March board meeting.
Fresno County’s planned new commitments will focus exclusively on non-core infrastructure investments, according to the meeting document.
The pension fund prefers funds specialising in middle-market infrastructure.
Potential future investments may include sectors like digital infrastructure, data centres, energy transition, oil and gas and infrastructure debt.
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