New York Retirement System commits funds to IFM and First Reserve

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New York Retirement System commits funds to IFM and First Reserve

The New York City Employees' Retirement System (NYECRS) has committed $300 million to IFM's Global Infrastructure Fund and $200 million to First Reserve Energy Infrastructure Fund II.

The New York City Employees' Retirement System (NYCERS) was founded by the New York State Legislature in 1920 with 13,331 members. Today, NYCERS has grown into the largest municipal public employee retirement system in the United States with over 300,000 active members and retirees.

This infrastructure allocation by a major U.S. pension fund follows the recently announced transaction of New Mexico State Investment Council (NMSIC) investing $100 million in the First Reserve Energy Infrastructure Fund II, L.P..

First Reserve Energy Infrastructure Fund II is the continuation of a first fund raised in 2009 with $1.23 billion of commitments.

First Reserve II is targeting four energy sectors:

  • Contracted Power, including conventional generation and renewable power;
  • Contracted Midstream, including pipelines, storage and liquefied natural gas (LNG) facilities;
  • Contracted Energy Assets, including floating storage facilities and large scale equipment; and
  • Regulated Transmission and Distribution, including electric transmission and utilities

To date, First Reserve has raised over $26 billion in commitments from investors and deployed over $20 billion through its funds and related partnerships.

IFM has invested in core infrastructure assets globally since 1995. IFM's Global Infrastructure Fund opened to the wider international investor community in 2009. It allocates capital to hold core infrastructure investments with a net target portfolio return objective of 10% per annum. In 2012, IFM's Global Infrastructure Fund exceeded its return objective, delivering a net return of over 11% to investors.

In January 2013, the fund had raised money from 27 institutional investors in North America, including among others: California State Teachers' Retirement System (CalSTRS); Florida State Board of Administration; Massachusetts Mutual Life Insurance; Maine Public Employees Retirement System; NAV CANADA Pension Plan; and, the Virginia Retirement System.

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