New York State Common Retirement Fund (NYSCRF) plans to co-invest $250m (€227m) in renewable energy alongside the $22bn Global Infrastructure Partners (GIP) IV fund.

The pension fund, which committed £500m to GIP IV in November, also committed £250m to GIP IV Co-Investment Renewables Sidecar, according to a NYSCRF transaction report.

GIP IV is the largest infrastructure fund ever closed, according to Preqin, and the first GIP-managed fund to attract investment from NYSCRF.

GIP invests in a number of infrastructure sectors, including renewables. It has an equity stake in the world’s largest offshore wind farm development, Hornsea One.

NYSCRF’s existing infrastructure portfolio was valued at $2.05bn at the end of 2019.

Teacher Retirement System of Texas is another US pension fund that has sought to co-invest alongside GIP IV.