The California Public Employees’ Retirement System (CalPERS) has entered into a new $500 million infrastructure partnership with UBS Global Asset Management.
Known as Golden State Matterhorn LLC, the partnership will invest in various global infrastructure deals.
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Additionally, the partnership will explore infrastructure investment opportunities in the US and global developed markets.
As part of the deal, CalPERS will put in $485 million to the new company, while UBS will contribute $15 million and act as a managing member.
The deal comes as part of CalPERS commitment to build a $5 billion infrastructure fund.
The CalPERS Infrastructure Program has been designed to offer stable, risk-adjusted returns to the total fund by investing in public and private infrastructure, primarily within the transportation, power, energy, and water sectors.
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By GlobalDataCurrently, CalPERS manages approximately $1.8 billion in infrastructure assets, with a total of $30 billion in the real assets portfolio.
Ted Eliopoulos, interim CIO of CalPERS, said: "UBS brings extensive experience and a proven track record in global infrastructure investing that makes them a great fit for this partnership. 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."
