The $3.6 billion Fresno County (Calif.) Employees’ Retirement Association has hired infrastructure manager IFM Investors to manage between $120 million and $140 million.
The investment has been confirmed by Phillip Kapler, retirement administrator at FCERA.
Infrastructure is a new asset class for the pension fund, which has added to its portfolio with a 3 percent target allocation. Infrastructure is part of the FCERA’s real assets portfolio, which includes real estate and commodities.
Kapler says the pension fund is focusing on infrastructure because FCERA wants to capture stable and long-term returns from the investment class.