Pennsylvania Public School Employees’ Retirement System (PSERS) has approved a $250m (€224.7m) to CIM’s third North America infrastructure fund.
The pension fund disclosed in a meeting document that it has committed the capital to CIM Infrastructure Fund III, a fund seeking to raise $1.5bn and targets a $2.5bn hard cap.
According to Hamilton Lane, the pension fund’s investment consultant, the fund is expected to have an initial close of $700m to $1bn this month. The fund’s final close is expected to be a year after.
The CIM fund is expected to target transactions between $50m to $100m as it invests in renewables, digital, waste and water management and transportation and social infrastructure assets.
Pennsylvania PSERS also disclosed in the meeting document that it has approved a $100m commitment to EQT Exeter Industrial Core Plus Fund IV, EQT Exeter’s fourth US core-plus logistics fund.
The fund has a $3.2bn hard cap target and is expected to close this month. The previous fund in the series raised $1.3bn in October 2019.
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