Virginia Retirement System has added to its growing roster of infrastructure funds by committing capital to Icon Infrastructure’s latest strategy.
The US pension fund confirmed to IPE Real Estate that it had committed €60m to Icon Infrastructure IV, a fund that raised €1.2bn from investors earlier this year.
Icon Infratructure said at the time that the fund was oversubscribed and demand had oustripped its initial €1bn fundraising target.
Icon IV will invest in core infrastructure assets in the water, transportation and energy generation, distribution and storage sectors.
Its three previous funds have invested in 17 different companies.
Virginia Retirement System, which also invested €30m in Icon’s third fund in 2015, has invested in infrastructure funds managed by EQT, First Reserve, Global Infrastructure Partners, Grain Management, IFM, Pantheon and Stonepeak.
Earlier this year, it committed to EQT’s latest fund.
Infrastructure investments are included within the pension fund’s real assets portfolio, which was valued at $9.4bn (€8bn) at the end of June. It makes up 12.6% of the pension fund’s $74.4bn in total assets.
