North Dakota State Investment Board is planning to approve a $200m (€164.7m) commitment to GCM Grosvenor’s latest infrastructure fund.

The pension fund said in a meeting document that it intends to commit the capital to Grosvenor Customized Infrastructure Strategies III, a global core-plus/value-add fund that targets diverse infrastructure sectors mostly in North America and Europe.

Strategies III seeks a $750m fundraise, an amount exceeding the $643m raised for the predecessor Strategies II fund.

At least 50% of Strategies III capital will be invested into co-investments or secondary investments in existing funds. Up to 50% of the fund will be invested into primary funds.

GCM expects 80% of Strategies III to be equity investments and up to 20% can be placed in debt-related transactions.

The fund will target net internal rate of return of 9% to 11% with gross annual cash yields of 3% to 5%.

To read the digital edition of the latest IPE Real Assets magazine click here.