CalPERS buys 10 percent share of toll road operator in Indiana: Reuters

(Reuters) — California Public Employees’ Retirement System said it bought a 10 percent share of the Indiana Toll Road Concession Co LLC (ITRCC) from fund manager IFM Investors, marking its first investment in U.S. transportation.

ITRCC operates and maintains a 157-mile divided highway, known as the Indiana Toll Road (ITR) for Indiana. (

Direct investment in transportation by a public pension fund, such as CalPERS, is unusual in the United States but common in other parts of the world.