The $53.1 billion Virginia Retirement System (VRS) has made two commitments to infrastructure totaling $450 million. They are the retirement system’s first infrastructure outlays. VRS committed $300 million to Industry Fund Management’s IFM International Infrastructure fund and $150 million to Global Infrastructure Partners’ GIP Fund II.
The infrastructure commitments are part of the retirement system’s real assets allocation, which returned 11.9 percent in the most current fiscal year 2012 and has $4.3 billion in assets.
IFM International Infrastructure Fund is an open-end fund that invests in core assets in communications, electricity generation, transmission and distribution, pipelines, gas distribution, water and wastewater, and steam and hot water supply.