Alaska system pledges $300m to infra

The Alaska Retirement Management Board invested with IFM and JP Morgan.

The Alaska Retirement Management Board (ARMB) has signed off on a $300 million infrastructure allocation, Infrastructure Investor has learned.

The Board, manager to $23 billion, divvied up the commitment, investing in the IFM Global Infrastructure Fund and JP Morgan Infrastructure Investors Fund. It could not be determined how much ARMB committed to each manager. Gary Bader, chief investment officer (CIO) for the retirement system in Juneau, Alaska, was not available for comment.

ARMB had a $108 million investment with EIG Global Energy Partners, but no allocation to core infrastructure. In March, the Board tasked investment consultant Callan Associates to begin a manager search. CIO Bader had said ARMB might allocate $100 million to the asset class.

The Board, which is in charge of investing retiree capital for Alaska Public Employees’ Retirement System (PERS), Alaska Teachers’ Retirement System (TRS), the Judicial Retirement System (JRS) and the National Guard and Naval Militia Retirement System (NGNMRS), carved out a niche for infrastructure in its real assets portfolio.

The $7 billion IFM Global Infrastructure Fund is managed by Australia-based Industry Funds Management (IFM), which has a $14 billion infrastructure investment business.

The fund in 2013 has secured US pension money from the Chicago Park Employees’ Annuity and Benefit Fund (PEABF), New Mexico State Investment Council (SIC), Kentucky Teachers’ Retirement System (KTRS) and the Rhode Island State Investment Commission (SIC).

Launched in 2007, JP Morgan Infrastructure Investors Fund is managed by JP Morgan Asset Management (JPMAM), a division of financial services firm JPMorgan Chase.