The California Public Employees’ Retirement System (CalPERS) has formed a US$500-million ($547.9-million) infrastructure partnership with UBS Global Asset Management.
CalPERS will contribute US$485 million to the newly formed company, while UBS will contribute US$15 million and act as managing member.
“UBS brings extensive experience and a proven track record in global infrastructure investing that makes them a great fit for this partnership,” says CalPERS interim chief investment officer Ted Eliopoulos. “We’re excited to work with them as we identify and acquire core assets that will provide the best risk-adjusted returns for our portfolio.”
The partnership will operate as Golden State Matterhorn, LLC and pursue infrastructure investment opportunities in the United States and global developed markets.
CalPERS currently holds approximately US$1.8 billion in infrastructure assets, with a total of US$30 billion in the real assets portfolio. It has about US$300 billion in assets overall.
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