Pennsylvania Public School Employees’ Retirement System (PSERS) has approved commitments of up to $250m (€221m) into an infrastructure debt fund managed by Newmarket Investment Management.

The pension fund said in a meeting document that it has made a $150m commitment to International Infrastructure Finance Company III and an additional $100m into a sidecar vehicle associated with the fund.

The global infrastructure fund targets a $1bn fundraise and a $1.5bn hard cap to invest in the speciality finance sector.

Pennsylvania PSERS also disclosed in the meeting document that it made a $100m commitment to LEM Capital’s latest US multifamily fund.

LEM Capital is seeking to raise $350m for the value-add LEM Multifamily Fund VI fund. Fund VI will be investing in Class B suburban apartment complexes.

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