PERS investment committee approves $600 million core infrastructure allocation across four managers
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Summary
The Public Employees Retirement System of Mississippi approved committing $150 million each to Blackstone, Brookfield, EQT and JPMorgan as part of a $750 million infrastructure program, with $600 million allocated to four open‑ended core managers to diversify yield and inflation protection.
The Public Employees Retirement System of Mississippi’s investment committee voted to hire four core infrastructure managers and to commit $150 million to each, approving a $600 million allocation intended to expand the system’s infrastructure holdings and diversify long-term, inflation‑protected cash flows.
The committee’s decision followed presentations by the four finalists — Blackstone Infrastructure Partners, Brookfield Super Core (SuperCore), EQT ActiveCore Infrastructure and the JPMorgan Global Transport Income Fund — who outlined strategies focused on regulated or contracted cash flows, sector diversification and long-term, open‑ended capital. Staff and investment consultants recommended the group of managers as complementary managers to fill the system’s infrastructure basket expansion that followed a 2022 legislative increase in the allowable basket limit.
Blackstone emphasized scale and the ability to invest across energy, digital and transportation assets; Sam Mercer of Blackstone said the team seeks “long-term capital” and value creation through operational engagement. Brookfield highlighted its Super Core strategy’s emphasis on regulated and take‑or‑pay contracts and noted Brookfield’s local investments in the Southeast, including deployments in Mississippi. EQT described an active‑ownership approach to improving core infrastructure businesses, and JPMorgan framed transport leasing (ships, railcars, aircraft and EV chargers) as a high‑income, negatively correlated complement to other infrastructure holdings.
The committee conducted a voice vote after the presentations; a motion to accept staff’s recommendation was seconded and approved with no recorded opposition. Staff said the $600 million will be committed across the four open‑ended managers, with the remaining portion of the system’s planned infrastructure allocation to be placed into closed‑end or value‑add opportunities in a subsequent search.
Next steps include documenting commitment terms, scheduling follow-up due diligence on operational and fee provisions and monitoring capital calls as the open‑end funds deploy capital over the next several quarters.
The committee heard the four manager presentations during its December investment meeting; the vote to hire the firms closed the infrastructure selection item.
