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Indiana Retirement System commits $75 million to Stockbridge Fund

by Andrea Waitrovich

The $26.6 billion Indiana Public Retirement System (INPRS) has committed $75 million to Stockbridge Smart Markets Fund, an open-end fund managed by Stockbridge Capital Group. Another investor in the fund is the $20.1 billion Texas Municipal Retirement System, which approved a $50 million follow-on commitment.

The Smart Markets Fund invests in the four main property types of office, industrial, retail and apartments. The fund’s investment strategy targets assets in 15 U.S. markets that Stockbridge believes are poised to capture a large share of long-term U.S. employment growth and are home to major universities and highly educated work forces. 

The INPRS real estate portfolio mostly comprises investments in private real estate partnerships, and the underlying exposures are a mix of debt and equity holdings. The portfolio seeks to generate attractive risk-adjusted returns by providing sta

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