Indiana Public Retirement System (PRS) has approved four new real asset commitments worth $210m (€191.5m) in total, the pension fund disclosed in a meeting document.
Indiana PRS has placed $100m into the KKR Diversified Core Infrastructure Fund and made a $50m investment into the open-ended core infrastructure fund’s co-investment vehicle.
KKR stated in its first quarter 2023 earnings report that the fair market value of the global diversified core infrastructure fund was $6.9bn. KKR holds a 6% ownership stake in the fund that targets a net internal rate of return of 7% to 9%.
Indiana PRS said it made a $50m commitment to the Longpoint Realty Specialty Grocer, a fund focused on investing in specialty grocery-anchored neighbourhood retail centres in major markets in the US. The pension fund’s commitment was part of a $225m capital raise completed by the Longpoint Realty Partners fund earlier this year.
Indiana PRS said it also made a $10m co-investment in a tank depot operator via the KKR Project Quartz co-investment.
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