Oregon Public Employees Retirement Fund (PERF) has approved $350m (€323.3m) worth of commitments to infrastructure and industrial real estate strategies managed by Stonepeak and LBA Realty respectively.
The Oregon Investment Council disclosed in a board meeting document that $150m of the approved capital is to be placed into Stonepeak Global Renewables Fund II.
Stonepeak is planning to raise $5bn for the fund, according to sources. The manager’s first fund in the series closed in July 2021 with $2.75bn in capital commitments. The latest fund will focus on investments in Europe, North America and developed Asia.
Stonepeak did not respond to a request for comment.
Oregon PERF’s commitment to LBA Realty comprised a new $100m allocation to the LBA Oregon Core Industrial separate account and a $100m commitment to the LBA Logistics Value Fund X fund.
The allocation to the separate account builds on Oregon PERF’s previous commitments of $250m in 2019 and $350m in 2021. Most of the new capital will be used to acquire existing core industrial assets and fund new development projects across the US.
The fundraising target for the LBA Logistics Value Fund X is currently unknown. The fund is projected generate net internal rate of returns of 11% to 13% with a leverage of around 60%.
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