The Stanislaus County (Calif.) Employees’ Retirement Association has committed $50 million to Morgan Stanley Infrastructure Partners II, according to recently released board meeting minutes.
The $1.8 billion pension fund made the commitment following an invitation-only search that was conducted in fall 2014. Investment consultant Strategic Investment Solutions assisted with the search.
The other finalist was KKR & Co.’s KKR Global Infrastructure Investors II. Rick Santos, executive director of StanCERA, says the pension fund considered splitting the commitment between the two funds, but “ultimately felt there would be less of an administrative and diligence burden by giving the entire $50 million to one manager.”
The investment comes following the creation of a 3 percent target allocation to infrastructure.