Teachers’ Retirement System of the State of Illinois (Illinois Teachers) has approved a $250m (€230.5m) commitment to Stonepeak Infrastructure Fund V.

The latest commitment expands the existing partnership between the pension fund and Stonepeak, as Stonepeak already managed $130m of the pension fund’s real assets investments.

As previously reported, the Stonepeak is seeking to raise $15bn for Fund V, a fund planning to make 12 to 15 investments in North American companies across energy transition, transportation, logistics, and communications, with each deal ranging from $500m to $1.5bn and held for 5-7 years.   

Fund IV, the previous fund in the series raised $14bn at its close  in February 2022.

Fund V has not yet completed any investments. Stonepeak is currently focusing on deploying Fund IV’s remaining capital before beginning transactions for Fund V, IPE Real Assets understands. 

Both commingled funds have the same investment strategy. This is to invest in infrastructure assets located in North America.

Stonepeak declined a request for comment.

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