Fresno County (California) Employees' Retirement Association has hired infrastructure manager IFM Investors to invest between $120 million and $140 million in infrastructure assets.

It is the first time the $3.6 billion pension fund has invested in infrastructure following the creation of a new 3% target allocation to the new asset class in December 2013.

During a February 5 Board meeting, trustees received presentations from IFM Investors and Borealis Infrastructure, according to draft minutes. Professionals from these firms reviewed their organizational structures, investment strategies and processes, and fee structures. IFM Investors was finally selected.

The infrastructure search was only for invited firms. InfraPPP understands that JP. Morgan Infrastructure Investments Funds was also invited in preliminary rounds.

IFM Investors announced in december 2013 the appointment of Michael Kulper as Executive Director, Infrastructure. Mr. Kulper is another significant addition to the firm's North American infrastructure equity team, following the appointment earlier this year of Tom Osborne as Executive Director. In October, IFM Investors appointed Rich Randall to head its infrastructure debt capability in North America.