Teachers’ Retirement System of Oklahoma has committed $280m (€240.4m) each to open-ended infrastructure funds managed by Blackstone and Brookfield.
The pension disclosed in a board meeting document that it approved the capital to the Blackstone Infrastructure Partners (BIP) and the Brookfield Super Core Infrastructure Partners funds.
The commitment to the Blackstone fund comprises a $220m direct investment into the fund, with an additional $60m planned for a co-invested sidecar over the next two years.
Blackstone declined a request for comment.
Launched in 2017 with backing from the Public Investment Fund of Saudi Arabia, the BIP fund had a total net asset value of approximately $29.2bn as of March.
The portfolio’s largest concentration is in data centres at 23%, followed by midstream assets at 15% and ports at 13%. Other key allocations include renewables at 11%, utilities and toll roads at 9% each, cell towers at 8%, with airports and transportation at 5% each and fibre accounting for 2% of the portfolio.
Geographically, 78% of the assets are located in North America and 22% in Western Europe. The fund is targeting gross internal rates of return (IRRs) of 11% to 13% and net IRRs of at least 10%
Oklahoma Teachers followed the same investment plan for the Brookfield fund as it did for the Blackstone fund.
Launched in 2018, the Brookfield Super Core fund has a current net asset value of $10.8bn.
The fund portfolio comprises 62% utilities, 12% data, 9% social and 8% transport infrastructure assets. The portfolio also includes industrial assets at 4%, a mix of transport and social at 3% and natural gas pipelines at 2%.
Geographically, 38% of the fund’s assets are in North America, 34% in Europe and the remaining 28% are in the Asia Pacific region.
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