Iowa Public Employees Retirement System (PERS) has appointed nine firms after completing its real assets investment manager search.

The pension fund said in a meeting document that it has picked Kayne Anderson, KKR, Blue Owl/Oak Street, LCN Capital Partners, Elm Tree, Macquarie, Morgan Stanely, Stonepeak and ECP as managers.

Iowa PERS told IPE Real Assets that it expects to allocate around $400m (€373.6m) to the managers, and that final amount to be invested is subject to contract negotiations.

The pension fund plans to allocate capital to up to five of the appointed managers for investment in a mix of real estate and infrastructure assets.

The remaining managers will serve as reserve or ‘bench’ managers, available to take on investment responsibilities if any of the primary managers encounter financial challenges.

So far, Iowa PERS is evaluating potential investments in the Kayne Anderson Real Estate Partners, Oak Street Net Lease Property Fund, Macquarie Infrastructure Partners VI, and the Morgan Stanley for North Haven Infrastructure Partners IV funds.

To read the latest IPE Real Assets magazine click here.