New York State Common Retirement Fund (NYSCRF) has approved $500m (€421.3m) worth of commitments to two Stonepeak Infrastructure Partners funds.
The pension fund said it is investing $250m each into the Stonepeak Global Renewables Fund and the same amount into Stonepeak Infrastructure Fund IV, a fund planning a $13.2bn second close.
NYSCRF previously backed the predecessor Stonepeak Infrastructure Fund III fund with a $300m commitment.
Fund IV will target midstream energy, telecommunications, power, utilities, transportation, logistics and water assets mainly in North America.
Commenting on its decision to invest in a renewables only Stonepeak Global Renewables fund, NYSCRF told IPE Real Assets that the pension fund finds the “sustainability and resiliency of renewable assets attractive and “believe the reduced operating risk, as compared to other infrastructure assets, is sufficiently compensated by the expected return profile.”
The global renewables fund expects a net internal rate of return of 10%, according to NYSCRF.
NYSCRF said the renewables fund has a US commercial and industrial solar investment platform and offshore wind assets in Taiwan as its seed portfolio.
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