North Dakota RIO approves £215m in commitments

Institution: North Dakota Retirement and Investment Office
Headquarters: Bismarck, US
AUM: $18.5 billion
Allocation to alternatives: 20.8%

North Dakota Retirement and Investment Office has agreed to commit $215 million across two infrastructure vehicles, according to the pension’s May 2021 board meeting minutes.

The commitments comprise $150 million to ISQ Global Infrastructure Fund III, and a follow-on $65 million commitment to Macquarie Infrastructure Partners V. The retirement board has previously committed $100 million to MIP V, in May 2020.

Following the succession of a $140 million past commitment to ISQ Global Infrastructure Fund II, the board has decided to extend its relationship by approving a follow-on commitment to the third fund of the series.

The commitment to ISQ GI III comes from the pension’s Legacy Fund ($90 million), and Pension ($60 million). As for the MIP V, $30 million is committed from the Legacy Fund, $20 million from the Pension, and the remaining $15 million from the Insurance Fund.

I Squared Capital‘s third unlisted infrastructure vehicle is currently raising $12 billion for investments across the transport, renewables and utilities sectors. According to Infrastructure Investor, the fund manager has received more than $9 billion in capital commitments.

North Dakota RIO has a 6.6 percent target allocation to infrastructure, which currently stands at 4.4 percent.

As illustrated below, the $18.5 billion pension fund’s recent commitments have predominantly targeted global unlisted infrastructure vehicles across multiple sectors.

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