Virginia Retirement System has formed a new separate account to invest in ground leases that have power infrastructure above the land, according to a pension fund board meeting document.
The initial allocation provided for the account by the pension fund is $100m (€85.7m). This capital has a funding period of three years, and the investments will be placed into the pension fund’s real asset portfolio.
The manager on the account is Meadow Partners, according to the pension fund. It has named the account Meadow Energy Ground leases.
The relationship is focused on acquiring and owning land under power assets that are either located in the US or the UK.
The capital will be invested in parcels of land that are supported by conventional and renewable generation and related infrastructure, as written by the pension fund in an email.
The investments in the separate account will have variable years on the ground leases and will include small and large transactions.
To read the latest IPE Real Assets magazine click here.
