SEPTEMBER 26, 2013

Alaska Retirement enters infrastructure sector

by Andrea Waitrovich

The $23.4 billion Alaska Retirement Management Board (ARMB) has made its first investments in infrastructure, committing $300 million to two open-end infrastructure funds.

ARMB has committed $200 million to IFM Global Infrastructure Fund, managed by Industry Funds Management, and $100 million to J.P. Morgan Infrastructure Investments Fund, managed by J.P. Morgan Asset Management – Global Real Assets.

IFM Global Infrastructure Fund is a core infrastructure fund with eight portfolio companies, includes Colonial Pipeline, Anglian Water Group and Dalkia. It invests 50-50 in North American and Europe.

J.P. Morgan Infrastructure Investments Fund is part of the Global Real Assets group of J.P. Morgan. The group also manages the J.P. Morgan Strategic Property Fund, of which ARMB is an investor. J.P. Morgan established the infrastructure fund in 2007. The fund currently holds nine assets valued at $7.5 billion on behalf of 89 investors.

The pension fund has a long-term infrastructure target allocation of 12.5 percent within the real assets portfolio, or 2.125 percent of total plan assets.

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