Los Angeles County Employees Retirement Association (LACERA) is planning to invest up to $850m (€750.4m) in infrastructure funds this year.
The $73bn pension fund said in a meeting document that in 2022, it expects to allocate between $300m and $600m to core investments and plans to put between $125m and $250m in non-core fund strategies.
LACERA currently has a 2.5% infrastructure allocation. The plan is to lift the allocation to 4% by 2024 and to 5% by 2026.
LACERA mainly invests in North American and European infrastructure as it targets assets in the energy/utilities, communications, transportation and social infrastructure sectors. Around 7% of the pension fund’s infrastructure portfolio can be invested in other regions.
LACERA also plans to seek $125m to $300m worth of natural resources investments this year.
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