ANCHORAGE — At a time when states and municipalities face more than $2 trillion of unfunded pension fund liabilities, states are increasingly turning to private infrastructure investments to help close those funding gaps, an investment banker told treasurers meeting here this week.

All institutional investors in North America — including public pension plans, endowments, sovereign wealth funds and foundations — are expected to increase their investment allocations for infrastructure by 32%, to 5.7% from 4.3% of their portfolios over the next two to three years, said Mark Weisdorf, chief executive and managing director of global real assets infrastructure investments at JPMorgan Asset Management.

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