Investors - MAY 21, 2014

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Sacramento commits $115m to infrastructure

by Reg Clodfelter

The Sacramento County (Calif.) Employees’ Retirement System has recently committed $115 million to infrastructure and energy, divided between two managers, with $100 million committed to a separate account with Pantheon Ventures and $15 million committed to EnCap Investments’ EnCap Flatrock Midstream Fund III.

“What gains our interest with infrastructure and infrastructure secondaries is that we’re finding good risk/reward profiles compared with other real asset investments,” says Scott Chan, chief investment officer with SCERS. “For example, we’re looking at secondaries with a projected net IRR of around 12 to 15 percent, while core real estate, on the other hand, is about 6 to 6.5 percent net IRR unlevered and levered

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