Investors - JUNE 30, 2017

Texas Municipal commits $150m to infrastructure fund

by Jody Barhanovich

The $25 billion Texas Municipal Retirement System has committed $150 million to I Squared Global Infrastructure Fund II, pending successful contract negotiation, according to Bill Wallace, director of communications.

I Squared Global Infrastructure Fund II is a mid-market global infrastructure fund that focuses on acquiring brownfield assets and building infrastructure companies.

According to news sources, I Squared is nearing a first close for I Squared Global Infrastructure Fund II, raising roughly half of its $5 billion fundraising target. Commitments have come from institutional investors from around the world. I Squared has not commented.

The debut fund in the fund series, I Squared Global Infrastructure Fund, closed in 2015 at $3 billion, with commitments from more than 45 investors from around the world, including the New Mexico Educational Retirement Board, the Texas Employees Retirement System and Danish pension administration firm PKA.

The firm has been active in establishing or purchasing platforms in the brownfield market, including Lincoln Clean Energy, its development arm for wind and solar projects in North America; Cube Hydro, a company that develops and operates small to mid-sized hydroelectric plants; and Asia Cube Solar, which invests in ground-mounted and rooftop solar projects.

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