Milwaukee system increases JPMorgan commitment

The $1.7bn retirement plan made its first infrastructure investment with JP Morgan in 2009.

Milwaukee County Employees’ Retirement System (MC-ERS) is adding $25 million to a standing allocation to JP Morgan Infrastructure Investments Fund (JPM IIF).

The $1.7 billion limited partner (LP) will deploy capital from its equities bucket for the investment, which is expected to be called by year-end.

MC-ERS committed $60 million to JPM IIF in late 2009 as one half of a maiden $120 million allocation to infrastructure. The system that year also pledged $60 million to IFM Investors, the former Industry Funds Management (IFM).

The public pension in October undertook a portfolio re-balancing, pulling $17 million from long-short equity hedge fund ABS Investment Management and fund-of-hedge funds K2 Advisors. Marian Ninneman, manager of MC-ERS, did not return a voicemail message. Ray Caprio, assistant vice president for investment consultant Marquette Associates, was not available for comment.

Milwaukee County is located in Wisconsin and is named after Milwaukee, the most populous city in the US Midwest state. JPM IIF is a core infrastructure vehicle with more than $3 billion in assets.