Alaska commits $150m to listed infrastructure

by Reg Clodfelter

The Alaska Retirement Management Board has committed $75 million each to Brookfield Global Infrastructure Securities and Lazard Global Listed Infrastructure Fund. Stephen Sikes, investment officer with ARMB, has confirmed the commitments.

Callan Associates selected the managers after conducting an infrastructure manager search on behalf of the board. This is the first mandate ARMB has awarded to either manager.

Brookfield Global Infrastructure Securities, managed by Brookfield Investment Management, invests in publicly traded infrastructure securities in developed countries across the four main infrastructure property sectors: transportation, energy, telecommunications and water.

Lazard Global Listed Infrastructure Fund, managed by Lazard Asset Management, is an open-end fund that invests in equity securities, principally common stocks, of infrastructure companies, with a particular focus on companies with a minimum market capitalization of $250 million that own physical infrastructure.

ARMB manages approximately $24.5 billion on behalf of six pension plans for the state of Alaska. Sikes says the board feels infrastructure would be a good long-term diversifying addition to ARMB’s real assets portfolio of income-producing, inflation-sensitive assets. Currently, the retirement management board has 15.8 percent of its portfolio allocated to real assets with a target allocation of 17 percent.

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