Iowa Public Employees Retirement System (IPERS) will begin looking for fund managers next week as it prepares to allocate $500m (€451m) to infrastructure.
The $33.9bn pension fund will issue a request for proposal (RFP), according to a summary of its December 2019 board meeting.
IPERS confirmed to IPE Real Assets that it would initially allocate $500m and would focus on private infrastructure.
The allocation will form part of its real assets portfolio, which makes up 7.5% of total assets and currently includes commercial real estate in the US, and timber and farmland in North America.
The RFP will be issued on 15 January and investment consultant Wilshire Associates is advising the pension fund.
IPERS did not disclose whether it would be looking for a single fund manager or several.