Mississippi PERS Deploys $600M Into Infra, Launches New RE Manager Search
The $38 billion Mississippi Public Employees’ Retirement System (PERS) approved $600 million in new infrastructure commitments at its December trustee meeting, while also authorizing a new search for value-added real estate managers as it looks to rebalance portfolio exposures in 2026.
On the real estate side, trustees approved search criteria for a $200 million value-added real estate RFP, seeking one or two managers. With roughly $3 billion currently invested in real estate, the system remains 1.6 percentage points below its target allocation as of October, according to meeting materials—prompting staff to accelerate deployment.
Infrastructure allocations took center stage at the meeting. Mississippi PERS maintains a 2% target allocation to infrastructure, representing approximately $750 million. Following recommendations from Callan Associates and investment staff led by CIO Charles Nielsen, trustees approved four $150 million commitments across a diversified slate of open-end core and core-plus strategies.
The approved funds include Blackstone Infrastructure Partners, a global open-end strategy focused on transportation, energy transition, digital infrastructure, and utilities, targeting long-duration assets and approximately 10% net returns.
Trustees also backed Brookfield Super-Core Infrastructure Partners, a low-volatility, income-oriented vehicle investing in regulated and contracted assets such as utilities, energy systems, and transportation networks. The strategy targets 8–9% net returns, with income comprising a meaningful portion of total performance.
Another allocation went to EQT Active Core Infrastructure II, a new open-end strategy applying EQT’s active ownership model across essential services—including digital infrastructure and utilities—targeting about 10% net returns and a 4–5% yield.
Rounding out the commitments is the J.P. Morgan Global Transport Income Fund, a transportation-focused strategy investing across aviation, rail, and shipping, with a targeted 8–10% yield and low volatility profile.