Rhode Island Pension fund invests $50 million in IFM fund
The Rhode Island State Investment Commission agreed at a meeting that took place on July 24th, 2013, to invest US$50 million in the IFM Global Infrastructure Fund (GIF).
IFM Global Infrastructure Fund (GIF) is an open end commingled fund managed by the infrastructure group at Industry Funds Management (IFM). GIF provides investors exposure to a globally diversified portfolio of core and core plus infrastructure assets. GIF targets primarily investment grade, OECD countries outside Australia, and assets with: stable and predictable revenue, monopoly characteristics, strong market positions, a predictable regulatory environment, high barriers to entry, limited demand"elasticity and long useful lives.
At the end of the fourth quarter 2012, GIF consisted of seven investments with a gross asset value (GAV) of $8.4 billion, and net asset value (NAV) of $3.9 billion including 5.2% held in cash, and a loan"to"value (LTV) of approximately 54%. By geography, GIF was invested in the United States (45%), United Kingdom (32%), Poland (12%) and Germany (11%). Despite only holding seven assets, GIF is well diversified by sector and revenue driver. GIF is allocated to seven different sectors with regulated (65%) and contracted revenue (25%) accounting for the largest percentage of NAV.
In January 2013, IFM announced that it had raised $2 billion from institutional investors in North America for its Global Infrastructure Fund. The list of investors include: California State Teachers' Retirement System (CalSTRS); Florida State Board of Administration; Massachusetts Mutual Life Insurance; Maine Public Employees Retirement System; NAV CANADA Pension Plan; New Mexico State Investment Council (NMSIC), and, the Virginia Retirement System.
