US - Major US pension funds have invested in the second infrastructure fund raised by Alinda Capital Partners, which recently closed at US$4bn.
The California Public Employees' Retirement System (CalPERS) and the Oregon Public Employees' Retirement System both made their maiden infrastructure investments through the Alinda fund, the company said. CalPERS invested a total $300m. According to documents on its website, it made an investment with Alinda as far back as October.
The Oregon Public Employees Retirement Fund invested $200m. In addition, the Washington State Investment Board invested $400m and is already an investor in Alinda's first fund.
Alinda managing partner Chris Beale told GP there are also European pension funds from 10 different countries and private companies' schemes within the fund's investors' base.
He added: "Given government budget constraints and the need to upgrade a lot of existing infrastructure, right now is a good time to be investing in infrastructure."
According to a survey carried out by Preqin in October 2009, the vast majority of institutional investors (81%) did not make any new commitments to infrastructure in 2009, a drastic slowdown in fundraising from the previous year (Global Pensions, October 19, 2009).
At the time, Preqin spokesman Tim Friedman said: "Although fundraising over the course of the past year has fallen dramatically, investors are generally still positive towards infrastructure funds, and our survey would suggest that investors will start to return to the market over the course of the next year.
"However, commitment levels have been very low, and there are concerns among a large proportion of the infrastructure investor community relating to the viability of certain types of investment, and also with regards to the fees imposed by the funds themselves."
Alinda has a total of $7bn under management and focuses on infrastructure investments in the US and Europe.
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