South Korea’s National Pension Service (NPS), the world’s third-largest pension fund, has invested $450 million in two North America–focused infrastructure funds, according to Pulse News.
About $250 million was committed to a fund managed by Stonepeak Infrastructure Partners, and the other $200 million was invested in a fund run by Macquarie Infrastructure Corp. Both funds will invest in assets and businesses in North America, ranging from the transportation and communications to power, utilities, and water treatment sectors. Their main targets are infrastructure assets that are engaged in long-term contracts.
The investments come ahead of the inauguration of U.S. President-elect Joe Biden, based on expectations that the U.S. infrastructure market will grow rapidly under the new administration.
