Indiana Public Retirement System (PRS) is investing $150m (€140.5m) in infrastructure through a strategy managed by Basalt Infrastructure Partners.
The pension fund has marked its first commitment to Basalt by investing $100m directly in the Basalt Infrastructure Partners IV fund and committing $50m to a co-investment vehicle to invest alongside the fund.
Indiana PRS disclosed in a board meeting document that Basalt is seeking to raise $4bn for the fund to invest in a mixture of core-plus and value-add infrastructure assets globally.
Basalt’s previous fund in the series closed at $2.75bn in February 2021 to invest across Europe and North America, focusing on opportunities in the utilities, power, transport, and digital communications sectors.
Partners IV is expected to invest between $200m to $400m per transaction.
Indiana PRS said it has also made a $15m commitment to co-invest alongside the Macquarie Infrastructure Partners VI fund.
The pension fund also added to its real estate portfolio by making a $100m commitment to the Related Debt Fund IV and a $50m commitment to co-invest alongside the fund. Related Debt Fund IV will invest in loans, including whole loans, mezzanine debt, and other debt instruments.
Indiana PRS Pension has exited a real estate investment by terminating its $120m holding in the Waterfall Victora Fund, an investment that has been part of the pension fund’s portfolio since 2020.
According to the meeting document, the Waterfall Victora fund utilises a multi-sector, high-yield loan strategy, prioritising loans secured by real estate.
Indiana PRS declined a request to comment on the reason for the termination of the investment.
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