Maine Public Employees Retirement System (PERS) has approved a $100m (€92.5m) commitment to the KKR Diversified Core Infrastructure Fund, according to the pension fund’s board meeting document.
KKR will be issuing a co-investment of at least $500m into the global open-ended fund which targets 7% to 9% net returns and 8% to 10% gross internal rate of return.
The Core Infrastructure Fund will be investing in existing projects, assets and businesses located in the OECD countries in North America, Western Europe and developed Asia.
Earlier this month, IPE Real Assets reported that KKR had so far raised $6.8bn for the core infrastructure fund.
Maine PERS previously backed a KKR infrastructure fund in March 2018 as it made a $100m commitment to the KKR Global Infrastructure Investors III fund.
The pension fund said in the meeting document that it has also issued a $50m commitment to Angelo Gordon Realty Value Fund XI, Angelo Gordon’s latest value-add real estate fund.
Fundraising details of the fund are currently unknown. Angelo Gordan raised $2.75bn for the predecessor fund in 2019.
At the time, the manager said the fund seeks to identify off-market investment opportunities with a focus on sub-performing or distressed assets, primarily in the US, adding that the fund may also invest up to 20% of its capital in Europe and Asia, regions.
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