CalPERS and UBS form USD500m infrastructure partnership
California Public Employees' Retirement System (CalPERS) and UBS Global Asset Management have formed a strategic infrastructure partnership, Golden State Matterhorn, to pursue infrastructure investment opportunities across core, OECD markets.
CalPERS and UBS have made capital commitments of USD485 million and USD15 million, respectively, to the partnership.
UBS will be the managing member and it will use the services of Infrastructure Asset Management (IAM), an investment area within UBS Global Asset Management's infrastructure and private equity business unit. IAM originates and manages direct investments in infrastructure assets globally on behalf of institutional investors from around the world. The team includes senior executives who have been active in the infrastructure and related sectors since the early 1990s.
CalPERS' senior portfolio manager, Randall Mullan, says: "We are pleased to add UBS Global Asset Management to our roster of preferred partners as we expand our access to infrastructure assets across the globe."
Paul Moy, global head of UBS Global Asset Management's infrastructure and private equity business, says: "We are delighted to be partnering with CalPERS, one of the world's pre-eminent institutional investors, for this important mandate. We share a common view of good infrastructure investment and the value-add and risk management activities associated with these investments. We are now working together to put this view into practice."
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