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The $209bn pension fund said short-term returns are not ‘particularly significant’ for the assets and expects greater cash flow over the long term.
Fund pledges a total of £38m to four infrastructure investors, including Hermes II which hit a first close in recent weeks.
Tokio Marine will join two other mandated managers, JPMorgan and Mitsubishi UFJ, to help the $185bn pension fund manage offshore infrastructure investments.
The London-listed fund plans to sell down part of the UK’s HS1 rail link after completion of the £320m deal, replicating similar efforts following its investment in Affinity Water.
The Beijing-based multilateral is considering commitments to the IFC Emerging Asia Fund and India’s National Investment and Infrastructure Fund.
The vehicle will be open-ended, target core and core-plus assets and collect fees based on net asset value.
The project company for London’s £4.2bn ‘super-sewer’ will use the private placement's proceeds for 'general corporate purposes'.
The investment will help CleanMax grow its portfolio to 250MW by 2018 and expand into Middle Eastern and Asian markets.
The four assets include one of the UK’s largest onshore projects, once owned by HgCapital.
Bank hopes the top marks will help realise its ambition to ‘transform Asia’s infrastructure landscape’.
The Singapore fund manager has rejected a pre-emptive $4.2bn offer for the portfolio which spans the Asia-Pacific region.
The use of subscription facilities by funds has seen its criticism, but the practice is not without its positives write Thomas Smith and Almas Daud.
The vehicle is the second such investment fund launched in the country in four weeks.
The milestone for Fund IV, which targets a gross IRR of 11%, comes after the manager teamed up with HICL and NPS to buy the concession for the UK’s HS1 rail link.
The country’s government hopes a 10-year tax break will stimulate private investment in large infrastructure projects.