Sonoma County Employees Retirement Association (SCERA) has invested $70 million in the AxInfra US II fund, managed by Axium Infrastructure, a spokesperson for the $2.8 billion pension fund confirmed in an email. The commitment closed in December 2019.
The core AxInfra US II fund invests in energy, social infrastructure and transportation throughout the United States and Canada. This was the first time SCERA has invested in the AxInfra US II fund. The Kansas Public Employees Retirement System (KPERS) also committed to the fund last year.
SCERA seeks diversification across project types and major regional areas—both domestically and internationally—for its infrastructure portfolio, according to an investment policy statement.
SCERA has a 3 percent target allocation to the infrastructure asset class. Its actual allocation was valued at $102 million, as of Dec. 31, 2019.
