Oregon Public Employees Retirement Fund (PERF) has approved a $400m (€344m) commitment to EQT’s latest global infrastructure fund.

According to a meeting document by the Oregon Investment Council, the pension fund is putting $350m directly into the EQT Infrastructure V fund and $50m to a co-investment sidecar vehicle for the fund.

EQT has set a €12.5bn target for Fund V with a €15bn card cap and the fund manager is expected to hold an initial close in the current quarter.

The predecessor Fund IV, which had raised €9bn in March last year, is mostly invested in Europe. EQT had said Fund IV invests in high-quality companies with infrastructure characteristics and potential for value creation.

The Stockholm-headquartered fund manager said the latest fund’s investment strategy and commercial terms are expected to be materially in line with the predecessor fund.

EQT will target equity investments of €200m to €1bn across 15 to 20 transactions.

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