The $26.5 billion Employees Retirement System of Texas has committed $68 million to Stonepeak Infrastructure Fund II, according to Betty Martin, director of investment services for the pension fund.
The value-added fund, managed by Stonepeak Infrastructure Partners, focuses on midmarket power, midstream, transportation and communications investments in the United States. The fund recently received commitments from 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.
This is the first time the pension fund has invested in a Stonepeak fund. Texas ERS has a 4 percent target allocation to private infrastructure; the pension fund’s actual allocation to the asset class is 1 percent.