The Public Employees Retirement Association of New Mexico (New Mexico PERA) has approved commitments of $150m (€133.4m) to its real assets portfolio.

The investments include $75m each into IFM Global Infrastructure and Tillridge Global Agribusiness Partners II.

Kristin Varela, portfolio manager of real assets for New Mexico PERA, said the investment with IFM would be its second with the fund, following a $25m commitment in 2012.

“We have been pleased with the results of that investment so far,” she added.

The IFM fund, which has an open-ended structure, was reopened for commitments in July.

Existing investors had first the opportunity to be part of an additional capital raise of $3bn.

The deadline for increased commitments from existing investors is imminent.

Once this happens, the manager will seek capital from new investors.

The fund invests in existing core assets on a global basis, in Europe, North America and Asia.

The fund targets a high single-digit yield on a net basis, focusing on mass-transportation systems, waterways and airports.

Tillridge Partners II makes equity investments in companies that invest in agricultural assets in Europe and North America.

The fund aims for a 25% gross IRR, with leverage of 30-40%.

The total planned capital raise is $750m.

Tillridge Global Agribusiness Partners will be co-investing 2% of the fund’s total capital commitments.