Maryland State Retirement and Pension System (SRPS) has approved a $300m (€278.2m) commitment to Brookfield Asset Management’s fifth global infrastructure fund.
The pension fund disclosed in a meeting document that the capital – which has been made via its real assets portfolio – has been placed into Brookfield Infrastructure Fund V (BIF V).
Brookfield seeking to raise $25bn for BIF V. IPE Real Assets previously reported that the fundraising for BIF V is expected to be oversubscribed.
As of the first quarter of this year, BIF V had raised an additional $1.3bn, Brookfield said during its 2023 first-quarter earnings report. In total, BIF V has so far raised $24bn.
BIF V, which targets midstream and renewable energy, data/utilities and transportation sectors, expects to generate a net internal rate of return of 13%.
Maryland SRPS has its infrastructure assets combined in a portfolio with natural resources and master limited partnerships (MLPs).
The portfolio, valued at $3.1bn, currently comprises 55% infrastructure, 30% natural resources and 15% MLPs.
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