North Carolina Retirement Systems has a pipeline of $3.9bn (€3.4bn) in potential future commitments as it looks to build out its infrastructure portfolio.
The pension fund disclosed in a board meeting document that all of the prospective allocations would target new manager relationships.
Two proposed $600m allocations have been approved at the investment council level but still require final sign-off from the full investment board.
The rest of the new infrastructure pipeline remains under due diligence, with decisions expected later in 2026.
Individual allocations are expected to range from $250m to $1bn.
North Carolina is also considering three new real estate-related commitments totalling $2bn, which would establish new manager relationships for the pension fund once approved.
The largest allocation is a $1.5bn commercial real estate debt investment, which would be placed within the pension fund’s credit asset class.
The remaining two allocations are earmarked directly for the real estate portfolio, comprising a $300m opportunistic strategy and a $200m value-add vehicle.
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