The Government Service Insurance System (GSIS) received $272 million, roughly P15.8 billion, as dividend from the sales proceeds of shares in data center operator AirTrunk sold by Macquarie Asia Infrastructure Fund 2 (MAIF2).
MAIF2, in which GSIS has invested, is a private equity fund managed by Macquarie Asset Management (MAM).
GSIS, the pension fund for government employees, said it has received total payouts of $332.5 million from MAIF2, including the latest $272 million.
The total investments of GSIS in MAIF2 was $286.5 million, accounting for 0.92 percent of the pension fund’s total assets.
GSIS said in a statement on Tuesday, given the latest cashflow, along with prior undisclosed payouts from MAIF2, the GSIS has now recouped more than its initial investment in the fund.
GSIS said in the statement its investible funds were placed in transportation, communications, utilities, power, energy and waste management assets across the Asia Pacific.
“MAIF will make foreign infrastructure investments accessible to the GSIS and will help diversify its risks and portfolio returns,” the pension fund said in its 2023 report.
GSIS maintains a prudent balance in its portfolio, with 70 percent allocated to low-risk assets for stability and a strategic portion in higher-yielding infrastructure investments to drive returns and support pension fund growth., the pension fund said.
Veloso said the GSIS sees “strong returns” from its investments in infrastructure in the Philippines and around the Asian region, benefiting its more than two million members.
“We have a duty to invest prudently on behalf of our millions of hardworking government employees,” Veloso said.
“Our infrastructure investments through MAM’s funds have delivered excellent results, enhancing retirement security while supporting critical infrastructure,” he added.
The GSIS first partnered with Macquarie Asset in 2012, investing in the Philippine Investment Alliance for Infrastructure to support local infrastructure development.
The pension fund later invested in MAM’s regional infrastructure funds in 2017 and in 2021, to further diversify its portfolio for better returns.