Oregon Public Employees Retirement Fund (PERF) has approved a $350m (€332.3m) commitment to EQT’s latest global infrastructure fund.

Rex Kim, Oregon State Treasury’s CIO disclosed in a meeting that the pension fund had placed $300m directly into EQT Infrastructure VI and made a $50m investment into a sidecar vehicle of the fund.

Oregon PERF declined a request for further comment.

Last month, investment firm EQT said it had set a €21bn hard cap target for the fund, adding that the actual fund size is dependent on the outcome of the fundraising process.

Most of Fund VI’s capital will be invested in either Europe or the US as it targets value-add investment opportunities in sectors such as energy, environmental, transportation, logistics, social and telecommunications.

The fund targets a net internal rate return of 11% to 15% with an expected leverage component of 50% to 60%.

According to Oregon PERF’s meeting document, the pension fund also issued a $200m commitment to NGP Natural Resources XIII and placed $50m into a sidecar to invest alongside the NGP fund.

The NGP Natural Resources fund series is known for investing in oil and gas production, oilfield services and midstream energy.

To read the latest edition of the latest IPE Real Assets magazine click here.