The Washington State Investment Board is planning to commit $400m (€352m) to Alinda Capital Partners.
According to a board-meeting document, Washington State is planning an allocation of $100m into Alinda Infrastructure Fund III and $300m into a separate account managed by Alinda Capital Partners.
The commitments will be considered for final approval on 16 June.
Alinda is seeking a $5bn capital raise for Fund III, targeting a gross IRR of 18-20%.
The fund will be looking at the US and Europe.
According to the Alinda Capital website, the company has invested in Germany, the UK, the Netherlands, Belgium and Poland.
Planned investments for Fund III will include toll roads, municipal power plants, transportation, energy systems and communication facilities.
The separate account, which will target smaller infrastructure assets, will have a longer holding period than Fund III.
The exit point for separate account assets can be determined based on the optimal asset life and business cycle, rather than purely the life cycle of a fund.
The separate account will include leased-based strategies such as portfolios of transportation fleet and equipment assets, such as ships, rail cars, barges, tugboats, trucks, aircraft, dredges and pipeline compressors.
Airport service equipment and properties, such as grain elevators and parcels under cell towers, will also be considered.
The potential new account with Alinda will be the second new infrastructure separate account created by Washington State in the last seven months.
In November last year, the pension fund set up a $500m account with Global Infrastructure Partners.