The CAD 2.2 billion insurance company has hired Towers Watson as its infrastructure-specific consultant to help develop a defined infrastructure investment strategy with a view to making infrastructure manager hires in Q3 and Q4 2010. Manitoba is looking to invest 5% of its total assets in the asset class, which currently equates to approximately CAD 110 million. Although a defined investment policy has not yet been implemented, the insurance company expects to focus on core economic infrastructure sectors such as telecommunications, transportation and utilities, primarily within North America. It will consider both traditional private equity infrastructure funds and fund of funds vehicles.
Manitoba Public Insurance has not previously invested in infrastructure opportunities, but will do so as part of a new inflation-linked allocation and an expansion to its pre-existing alternatives exposure, which includes allocations to both private equity and real estate.
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