Oregon Public Employees Retirement Fund (PERF) is planning to approve a $500m (€443.2m) commitment to the fourth Stonepeak Infrastructure Partners fund.
In a meeting document, the pension fund said it intends to back Stonepeak Infrastructure Fund IV, a fund reportedly seeking a $10bn capital raise.
According to sources, the fund, which has raised an unknown amount is expected to have a first close this month.
Stonepeak raised $7.2bn for the third infrastructure fund in July 2018.
Maine Public Employees Retirement System will be approving a commitment into the fund later this week. The pension fund had invested $140m in Fund II and $150m in Fund III.
The latest fund is also being backed by Teachers’ Retirement System of Louisiana with a $50m commitment.
According to a Louisiana Teachers meeting document, Stonepeak will be making a $150m or 1.5% co-investment to Fund IV.
The targeted returns for the limited partners in the fund are net internal rate (IRR) of 12% and a gross IRR of 15%, according to Oregon PERF’s meeting document.
The new value-add fund will be looking to acquire assets mostly in North America in the areas of the US and Canada. The balance is expected to be invested in other areas like Western Europe or Asia.
Fund IV will target midstream energy, telecommunications, power, utilities, transportation, logistics and water assets.