Orange County pension fund hires Argo, BlackRock for new infrastructure allocation
Orange County pension fund has announced it has hired Argo Infrastructure Partners and BlackRock to create a 2% infrastructure allocation.
According to a board-meeting document, the US$13.1 billion pension fund has committed US$130 million to BlackRock’s Global Renewable Power Fund II in addition to arranging a US$130 million separate account with Argo, which is relatively rare for a US public pension plan, as most opt for commingled funds.
OCERS will be capable of investing alongside Argo’s AIA Energy North America platform as part of the separate account. The California State Teachers’ Retirement System (CalSTRS) and Dutch pension fund manager APG are base investors in AIA.
Argo will center its attention in the US and Canada, including energy and water assets, renewables and thermal generation/transmission, and pipelines and regulated midstream. With limited exposure to development, existing assets will be targeted by the 15-year separate account with returns of 9% (net) and 10% (gross).
The BlackRock fund will be active, according to OCERS, mostly in the US but will also be able to invest in Europe, particularly focused on Norway. Operational and construction-ready solar and wind assets will be targeted. The core-plus strategy is targeting returns of 9-10% (net) and 11-13% (gross). Commitments were made based on the recommendation of consultant Meketa Investment Group.
Country news
-
-
August 02, 2016
Primer Super acquires Norwegian waste to energy plant
Whitehelm Capital, an independent infrastructure manager, has announced it has completed the acquisition of 100% of Sarpsborg Avfallsenergi AS (SAE), a modern waste-to-energy plant in Sarspborg, Norway, on behalf of Australian superannuation fund Prime Super. The company was sold by Hafslund ASA, one of the largest regional multi-utilities in Norway. Read more -
July 08, 2013
Norway launches school PPP project
On 03 June 2013, Norway launched a tender for the construction, leasing and management of the New Landås School PPP project. Read more -
December 12, 2013
Balfour Beatty sells Scandinavian Rail business to Strukton Rail
Balfour Beatty, the international infrastructure group, announced on Tuesday that it has reached an agreement to sell its Scandinavian Rail business to Strukton Rail B.V. for approximately £4 million in cash, equating to broadly net asset value. Read more -
April 10, 2014
iCON Infra acquires Fortum's Norwegian Heating Business
iCON Infrastructure Partners II, L.P. has entered into an agreement to acquire 100% of Fortum fjernvarme AS and related holdings from Fortum Oyj, the Finnish energy company. The transaction forms part of the wider sale announced today by Fortum of its Norwegian electricity distribution and heating businesses. Read more -
June 02, 2014
BBGI acquires further interest in the E18 PPP project in Norway
BBGI SICAV S.A. announced last week that it has entered into a Sale and Purchase Agreement with Sundt A.S. to acquire a further 41.2% equity interest in the E18 Roadway Project in Norway. Read more
