CalPERS backs GIP coinvestment with $200m
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CalPERS backs GIP coinvestment with $200m

New York, USA - 26 April 2021: CalPERS logo close-up on website page, Illustrative Editorial

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.