California Public Employees Retirement System (CalPERS) has made a $198.5 million allocation to an infrastructure co-investment vehicle offered by Global Infrastructure Partners, meeting documents show.
CalPERS disclosed in the document that it has placed the capital into the GIP IV Gutenberg Co-Invest, but declined to comment further.
GIP IV Gutenberg Co-Invest is expected to invest alongside Global Infrastructure Partners IV, a global fund that raised $22 billion at its final close in 2019. Partners IV invests in infrastructure sectors like energy, transportation, water/waste and digital.
CalPERS estimates that it will need to commit around $5 billion to new infrastructure investments every year to maintain its new real assets allocation target.
The $443 billion pension fund decided in 2021 to increase its target allocation for real assets from 13% to 15% at the start of the new fiscal year on 1 July 2022.
CalPERS disclosed in a meeting document in November 2022 that it had at the time approved $4.5bn worth of infrastructure commitments.