APG puts $585 million more toward Smart City Infrastructure Fund
APG Asset Management, the in-house manager of Stichting Pensioenfonds ABP, Heerlen, Netherlands, committed an additional €500 million ($585 million) to Smart City Infrastructure Fund, a spokeswoman confirmed.
The new commitment to the fund, which is managed by Whitehelm Capital, follows a €250 million commitment made in 2018.
The fund targets investments aimed at allowing U.S. cities to more efficiently allocate resources and improve the environment such as connected street lighting, advanced building management, smart utility and sustainable urban mobility.
“The urbanization trend is steadily accelerating globally and is reshaping the urban city firsthand. Alongside our partners, we will continue to develop projects that entail the roll-out of next-generation information and communications technologies to address these challenges and provide tools for city officials to build, run and manage cities in a better and more sustainable way for the years to come,” Carlo Maddalena, senior portfolio manager at APG, said in a news release Friday.
ABP had €523 billion in assets as of June 30.