Oregon Public Employees Retirement Fund (PERF) is looking to invest in five infrastructure strategies this year as it seeks to ramp up its exposure to the asset class, according to a board meeting report.
The pension fund’s infrastructure porfolio was valued at $1.3bn (€1.09bn) at the end of 2017, but it is looking to increase this eventually to $2.4bn.
It plans to increase the number of managers it invests with from eight today to between 10 and 12 over time.
Global strategies providing exposure to telecommunications assets and infrastructure debt will be of particular interest.
The expansion of the infrastructure portfolio will form part of the $3bn Mass PRIM plans to invest in alternatives this year, which will also include US timberland and farmland investments made through funds, separate accounts and co-investments.
Oregon PERF’s alternative investments are designed to provide an inflation hedge, generating returns of at least 400bps above the consumer price index.