New York State Common Retirement Fund (NYSCRF) is in a position to make its first co-investments alongside an infrastructure fund, having committed $100m (€90.8m) to ISQ Co-Investment Fund II.

The vehicle will co-invest alongside I Squared Capital’s $7bn ISQ Global Infrastructure Fund II, which NYSCRF committed $300m to in October 2018.

The co-investment vehicle will focus on renewable energy assets and will target returns in the mid-teens.

The $210.5bn pension fund told IPE Real Assets that “I Squared has demonstrated the ability to source and manage renewable assets in a variety of markets around the globe [including] North America, Latin America, Europe and Asia.”