New Mexico State Investment Council (SIC) is planning to invest up to $300m (€265m) in real estate over the next 12 months as it looks to increase its exposure to non-core and European assets.
New Mexico SIC, which manages a $23bn permanent endowment, currently has 40% of its real estate portfolio in non-core investments and hopes to raise this to 45%, according to a board meeting report.
The sovereign wealth fund also said it plans to increase the European share of its real estate portfolio from 9.4% today to between 10% and 15%.
New Mexico SIC said it hoped to capitalise on opportunities to upgrade existing building stock in Europe, and that its fund managers had identified opportunities in under-served specialist sectors such as student housing, storage and multifamily.
New Mexico SIC is also planning to invest up to $300m in other types of real assets over the next 12 months, principally in the form of infrastructure and energy investments.
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