UNITED STATES – Virginia Retirement System has approved a $75m (€57.7m) commitment to the Grain Infrastructure Fund taking its total exposure to the asset class to $525m.
The closed-ended fund focuses will target investment opportunities in the wireless communication sector in the US.
The commitment comes soon after the pension fund made its first move into infrastructure in the summer when it approved $300m for the IFM Global Infrastructure Fund and $150m for Global Infrastructure Partners II, two vehicles managed by Industry Funds Management and Global Infrastructure Partners, respectively.
All three infrastructure investments are placed in the pension fund’s real assets allocation, which also includes real estate.
Virginia Retirement System has total plan assets of $55bn according to most recent figures.