Oregon Public Employees Retirement Fund (OPERF) is investing $700m (€612m) in the latest infrastructure funds managed by Brookfield Asset Management and EQT.

The $77bn pension fund’s investment council stated in a board meeting document that $400m had been approved for Brookfield Infrastructure Fund IV and $300m for EQT Infrastructure IV.

The Brookfield fund is expected to raise $17bn, including a 25% co-investment from Brookfield. A first close is planned for March.

The global core fund is expected to produce returns of 13% gross and 10% net, according to the board meeting document.

According to sources that track fundraising, EQT is planning to raise €7.5bn, limited to €9bn, for its fourth fund, which is target European and North American assets.