The Newport News (Va.) Employees Retirement Plan has approved a $35 million commitment to JPMorgan Infrastructure Investments Fund (IIF), according to recent board meeting minutes.
The open-ended IIF, managed by J.P. Morgan Asset Management, invests in core and core-plus infrastructure assets within three broad sectors — distribution/regulated, contracted/power and GDP-sensitive. Within each sector, IIF targets subsectors such as utilities for distribution/regulated (electricity, water, gas); power-generation assets for contracted/power (natural-gas powered and renewables); and airports, railway lines and storage terminals for GDP-sensitive.
IIF invests in OECD-member countries, primarily in North America and Western Europe, as well as other OECD markets that have strong contract laws and regulated frameworks.