Maryland State Retirement and Pension System (SRPS) has approved $350m (€326.1m) worth of commitments into infrastructure vehicles managed by Stonepeak and Global Infrastructure Partners (GIP).
The pension fund disclosed in a meeting document that it has placed $150m into the Stonepeak Opportunities Fund and made a $200m commitment to Global Infrastructure Partners Fund V.
The commitments represent the pension fund’s first-ever relationship with the managers.
IPE Real Assets previously reported that Stonepeak is seeking a $2.5bn capital raise for the fund which will mainly invest in energy transition, transportation/logistics, digital and social infrastructure sectors in Europe and North America.
GIP is seeking to raise $25bn for Fund V to target investments in the energy, transportation, water/waste and digital infrastructure assets in OECD countries.
Maryland SRPS has its infrastructure holdings as part of its portfolio for infrastructure and natural resources. The portfolio was valued at $3.1bn as at the end of the first half of 2023.
Around 55% of the portfolio is now invested in infrastructure assets compared with the pension fund’s investment policy target of 80%.
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