Consultant Led Real Assets Allocations Recommended in Q3 2024

Institutional investors have maintained a strong focus on private infrastructure and real assets, with consultants playing a pivotal role in shaping these strategies. Across U.S. public pensions and retirement systems, notable commitments have been made to a variety of funds, reflecting the sector's appeal for long-term growth, income stability, and inflation protection. Leading consultants such as RVK, Meketa, and Aksia have directed significant capital toward infrastructure investments in energy, renewables, and transportation, among other areas.

For instance, RVK facilitated over $1.2 billion in allocations, including $1.1 billion from the New York State Common Retirement Fund to funds like Copenhagen Infrastructure V and Stonepeak Infrastructure Fund V. Similarly, Meketa guided $1.1 billion in commitments, with the California Public Employees' Retirement Systems dedicating $500 million to Macquarie Infrastructure Partners V. These examples underscore the strategic emphasis on infrastructure as a cornerstone for institutional portfolios.

In this article, we highlight the largest public pension commitments to real assets and infrastructure investments, showcasing the critical role consultants play in identifying and executing these opportunities. By the end, you’ll gain insights into which consultants are steering the largest allocations in this growing sector.

1. RVK: $1.2B

New York State Common Retirement Fund: $1.1B

• Copenhagen Infrastructure V: $333,000,000
• Copenhagen Infrastructure Co-Investment: $333,000,000
• Stonepeak Infrastructure Fund V: $300,000,000
• Hull Street Energy Partners III: $250,000,000

2. Meketa: $1.1B

California Public Employees' Retirement Systems: $500M

• Macquarie Infrastructure Partners V: $500,000,000

Los Angeles County Employees' Retirement Association: $327M

• Ardian Infrastructure Fund VI: $218,000,000
• ARDIAN Infra LA Co-Invest: $109,000,000

City of San Jose Police and Fire Department Retirement: $168M

• Hull Street Energy Partners III: $168,000,000

Ann Arbor Employees' Retirement System: $10M

• BlackRock Global Renewable Power Infrastructure Fund IV: $5,000,000
• Grain Communications Opportunity Fund IV: $5,000,000

3. AON: $369.4M

Teacher Retirement System of Texas: $325M

• Riverbend XI: $74,400,000
• KKR Global Infrastructure Investors V: $75,000,000
• Riverbend Kamino PIV: $100,000,000

San Diego City Employees' Retirement System: $120M

• Brookfield Super-Core Infrastructure Partners: $60,000,000
• KKR Diversified Core Infrastructure Fund: $60,000,000

4. Aksia: $216.5M

Pennsylvania Public School Employees' Retirement: $216.5M

• Blackstone Infrastructure Partners Europe Bridge Fund: $216,500,000

5. Cambridge Associates: $160M

Florida State Board of Administration: $160M

• Post Oak Midstream V: $10,000,000
• Hull Street Energy Partners III: $150,000,000

6. Mercer Investment Consulting: $150M

New Mexico State Investment Council: $150M

• Hull Street Energy Partners III: $150,000,000

7. Wilshire Associates: $185M

Ohio Police and Fire Pension Fund: $125M

• Blackstone Infrastructure Partners: $125,000,000

8. NEPC: $165M

Louisiana State Employees Retirement System: $75M

• BCP Infrastructure Fund II: $75,000,000

Ventura County Employees' Retirement Association: 30M

• HarbourVest Infrastructure Opportunities Fund III: $75,000,000

New York City Comptroller's Office: $9.5M

• American Triple I: $9,500,000

9. Verus: $140M

Sacramento County Employees Retirement System: $36M

• Stonepeak Opportunities Fund: $36,000,000

Indiana Public Retirement System: $35M

• iCON Project Andromeda Co-Investment: $20,000,000
• KKR Project Pearl: $15,000,000

10. Hamilton Lane Advisors: $30M

Santa Barbara County Employees' Retirement System: $30M

• KKR Global Infrastructure Investors V: $10,000,000
• Apollo Infrastructure Opportunities Fund III: $10,000,000
• Asterion Industrial Infra Fund III: $10,000,000

Capitalize on Consultant-Driven Real Assets Allocations

In Q3 2024, consultant-led allocations to private infrastructure and real assets reinforced the sector's importance for institutional investors seeking long-term growth, income stability, and inflation protection. With a focus on infrastructure investments in areas such as energy, renewables, and transportation, consultants like RVK, Meketa, and Aksia have directed substantial capital into funds aligned with these goals, underscoring their role in guiding strategic asset allocation.

This quarter's commitments highlight the appeal of real assets as a cornerstone in institutional portfolios, providing resilience amid shifting economic conditions. As public pensions and retirement systems continue to prioritize sustainable and inflation-resistant investments, consultant-driven strategies in real assets are set to play an increasingly vital role in meeting institutional objectives for stability and growth.

To explore more consultants and their infrastructure and real assets allocations, book a demo of Dakota Marketplace!