Recent LP commitments

We take a look at some of the recent commitments made by LPs

New York City Retirement System (NYCRS)
The $148 billion New York City Retirement System (NYCRS), which comprises five public pension funds, made its first investment last year July into the asset class by committing $300 million to Brookfield Infrastructure Fund II. Subsequently, NYCRS made a $300 million commitment to IFM Global Infrastructure Fund, which is managed by Melbourne-based IFM Investors, in December 2013. In April 2014, NYCRS made its third commitment of $200 million to First Reserve Energy Infrastructure Fund II (FREIF II). The three commitments bring NYCRS’ total infrastructure allocation to date to $800 million. Looking forward, in terms of investment appetite, NYCRS seeks to invest in core, value-added and opportunistic strategies across diversified regions and sectors.

Washington State Investment Board (WSIB)
In March 2014, WSIB has approved an investment commitment of up to $100 million initially, and up to another $50 million for follow-on investments, in the Fortress Worldwide Transportation and Infrastructure Investors fund. This investment falls under WSIB’s tangible assets portfolio, an asset class that was established in 2007 and implemented in 2008. As of December 31, 2013, WSIB had $98.1 billion in assets under management with $1.05 billion allocated to tangible assets. Looking ahead, WSIB remains that it primarily targets investments in five sectors: agriculture, commodities, infrastructure, natural resource rights (such as mining), and timber.

New Mexico State Investment Council (SIC)
In April 2014, the New Mexico SIC has approved a $100m commitment to First Reserve Energy Infrastructure Fund II, the second energy infrastructure offering launched by First Reserve, a Connecticut-based private equity firm. This decision comes nearly a month after committing $25m to EnCap Flatrock’s third fund. As at March 2014, The New Mexico State Investment Council had allocated 26.54% of its $19.1 billion investment portfolio to alternative investments, with 3.43% of its investment portfolio to real return strategies which include infrastructure strategies.

Maritime Super & Local Government Super (LGS)
In April 2014, AMP Capital announced that it has won commitments from LGS and Maritime Super to Invest in the AMP Capital Community Infrastructure Fund (CIF). The CIF fund, which focuses on social infrastructure in Australia, has received $100 million in new mandates from Institutional clients last year. The additional capital provided by LGS and Maritime Super will be used to acquire additional assets, helping CIF build on the $1.2 billion worth of projects. Currently, LGS oversees A$7 billion of assets while Maritime Super has A$3.32 billion under management. Maritime Super is currently on merger discussion with TWU Superannuation.