The $1.8 billion Tacoma (Wash.) Employees’ Retirement System (TERS) has agreed to commit $25 million to Melody Communications Infrastructure Fund II, a vehicle managed by Melody Investment Advisors.
Melody Investment Advisors is an alternative asset manager focused on communications infrastructure. In May, the firm acquired a 90 percent stake in Uniti Towers, the wireless tower business of real estate investment trust Uniti Group, for $220 million in cash. The deal was made on behalf of Melody Communications Infrastructure Fund II and includes more than 500 towers based in the United States.
A spokesperson for TERS said the investment is a first-time commitment with Melody Investment Advisors. The investment is still subject to contract negotiations.
Not including this recent investment, TERS holds 1.8 percent in infrastructure-related vehicles.
