Pavilion says pension fund should invest $2bn over the next five years. : Employees Retirement System of Texas (ERS) will have to invest over $2bn (€1.6bn) in infrastructure over the next five years to enable it to achieve its target allocation for the asset class. According to a board meeting report, the pension fund’s consultant Pavilion Alternatives Group said it will need to invest $470m annually to reach its 7% target by 2023. The $28.5bn pension fund had $863m invested in infrastructure at the end of 2017, representing 3% of total assets.