Stonepeak Infrastructure Partners is close to raising $650m (€598m) for its second fund.
The Teacher Retirement System of Texas committed $250m to the value-add Stonepeak Infrastructure Fund II, according to an email from the pension fund.
The Washington State Investment Board is also planning a $400m commitment, having approved the amount at its private markets committee level.
Full board approval is expected on 17 December.
Fund II will invest in a variety of infrastructure assets across the US and Canada.
Stonepeak will seek controlling interests in the power, water, energy, communication, renewables and transportation sectors.
The company is looking to raise $2.5bn for the fund, which has a $3.5bn hard cap.
Limited partners are projected to achieve a 12% net IRR, inclusive of a 4% cash yield.
The fund manager will co-invest $20m, or 1% of total commitments.
Stonepeak is planning to invest between $75m and $300m in each transaction.
Texas Teachers’ commitment to Fund II was part of $345m in new real-asset commitments made in November, according to an email.
The other commitment was $145m for LaSalle Genco in a partnership investment in which the pension fund is the single limited partner.
Capital will be invested in core US real estate.