San Diego City Employees’ Retirement System (SDCERS) disclosed in a board meeting document that it plans to make a $15m (€13.1m) commitment to the Stepstone Infrastructure Fund, which will target secondary market acquisitions of existing limited partner and general partner positions.
The StepStone fund expects approximately 15 core-plus and value-add transactions ranging from $15m to $100m, targeting a 12% net internal rate of return.
The fund, which will focus on North America and Western Europe, will prioritise investments across the communications, renewables, energy transition, transportation and social infrastructure sectors.
SDCERS said it has also approved a $40m commitment to Artemis Healthcare Fund III.
Artemis Real Estate Partners has already raised $1.6bn through June to surpass its $1.5bn target as it approaches a $2bn hard cap for the US healthcare property fund.
The fund manager, which has already deployed $133.5m across three closed transactions, is planning a final close for Fund III in September.
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