Virginia Retirement commits $50 million to infrastructure
The $58.3 billion Virginia Retirement System (VRS) has recently approved a $50 million commitment to IFM Australian Infrastructure Wholesale Fund, managed by Industry Funds Management (IFM). Field Griffith, the director of real assets at VRS, has confirmed the transaction.
The open-end fund invests in economic and social infrastructure assets in global developed markets. IFM, a global investment manager with offices in Australia, North America and Europe, currently manages more than A$46 billion ($43 billion) in funds across five separate asset classes. The firm manages portfolios across listed equities, private equity, infrastructure, debt and private assets.
VRS is relatively new to the infrastructure asset class, making its first commitment in August 2012. Earlier this year, VRS committed $100 million to Brookfield Global L