Ohio Police and Fire Pension Fund has made its first investment with Grain Management, by committing $80m (€74.5m) to the Grain Communications Fund IV infrastructure fund.
The pension fund told IPE Real Assets that Grain Fund IV has a “dedicated sector focus, the manager is an experienced and well-aligned team, and it has had a very successful track record in the past”.
As reported previously, broadband technology and communications sector-focused investor Grain Management is seeking to raise $4bn for its latest fund.
The target returns for Grain Fund IV’s investment are a 25% gross internal rate of return and a gross multiple of 2.5x.
Grain Fund IV will primarily focus on non-core North American assets, with a portion allocated to Western European infrastructure.
Ohio Police and Fire’s real assets portfolio, which is currently valued at $1.15bn or 6% of the pension fund’s total investments, is still short of the 8% target allocation set for real assets.
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