School Employees Retirement System of Ohio has committed a total of $170m (€144.9m) to global infrastructure strategies managed by JP Morgan Asset Management and Manulife Investment Management.
The $19bn pension fund disclosed in a board meeting document that it allocated $100m to the open-ended JP Morgan International Infrastructure Fund and committed a total of $70m to Manulife, which included up to $35m each to the Manulife Infrastructure Fund III and its associated co-investment sidecar.
The JP Morgan fund targets assets like distribution, regulated, contracted power and GDP-sensitive assets with the aim of generating net internal rate of returns of 8% to 12%.
JP Morgan declined a request for comment.
The Manulife fund has a $4.5bn fundraising target to invest across data centres, solar power and telecommunications.
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