Investors - DECEMBER 18, 2015

Seattle commits $8m to Stonepeak

by Zoë Wolff

The $2.4 billion Seattle City Employees’ Retirement System has committed $8 million to Stonepeak Infrastructure Fund II, according to recent meeting documents.

Originally, the pension fund intended to commit $10 million, but was asked to lower the amount because the fund is oversubscribed. The fund, sponsored by Stonepeak Infrastructure Partners, has had a recent influx of commitments from pension funds including the Teacher Retirement System of Texas, the Employees Retirement System of Texas, the Employees’ Retirement System of Rhode Island, the Oregon Public Employees Retirement Fund, the Maine Public Employees Retirement System and the New Mexico Educational Retirement Board. The value-added fund focuses on midmarket power, midstream, transportation and communications investments in the United States and is seeking to raise $3.5 billion.

This is the pension fund’s first infrastructure commitment. In May, the pension fund launched a search for infrastructure managers following a new asset allocation of 3 percent to infrastructure.

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