Baltimore Fire & Police confirms two infra commitments despite slashing target

The US public pension has halved its infra target allocation from 10 to 5 percent despite backing two big US managers.

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Institution: Baltimore City Fire and Police Employees’ Retirement System
Headquarters: Baltimore, United States
AUM: $2.89bn
Allocation to alternatives: 25.60%
Bitesize: $10-50m

Baltimore City Fire and Police Employees’ Retirement System confirmed at its January 2020 board meeting that it has halved its target allocation to infrastructure investments for the 2020 calendar year, this despite approving two new commitments to the asset class.

The pension has decreased its target allocation to its energy & master limited partnerships (MLPs) asset class from 10 percent to 5 percent. This asset class houses the pension’s infrastructure investments; the latest two of which comprise of $20 million apiece to Brookfield Infrastructure Partners IV and JLC Infrastructure Fund I.

The $2.89 billion US public pension has a 7.10 percent current allocation to energy and MLPs.

As illustrated below, Baltimore Fire and Police has made six commitments to infrastructure funds with a 2017 or 2018 vintage, which combined constitute $104 million.

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