Public Employees Retirement Association of New Mexico is investing in Ardian’s latest European infrastructure fund.
The pension fund told IP Real Estate it had approved a $60m (€58.9m) commitment to the Ardian Infrastructure IV, for which the manager is aiming to raise $2bn from investors.
Ardian declined to comment, but Christina Keyes, portfolio manager of real returns at New Mexico PERA, said the fund would pursue the same strategy as its predecessor, focusing on developed markets in OECD countries in Western Europe.
“They will focus on developed projects in transportation, energy, telecommunications, social, renewables and water sectors,” Keyes said.
It is understood that a final close for the fund could take place this year. Ardian, formerly AXA Private Equity, is targeting net returns of between 10% and 13%.
New Mexico PERA also approved a $60m allocation to the Rockwood Capital Real Estate Partners Fund X, a US value-added fund.
“Rockwood is a strong manager who has consistently refined their strategy over the course of prior funds to maximise returns for investors,” said Keyes.
“They are focused on growing densification and development of next neighborhoods within established urban markets.”
New Mexico PERA joins several other investors in the Rockwood fund, including Nebraska Investment Council, which committed $40m.
Rockwood will invest in office, retail, hotel and apartment sectors and is targeting net returns between 12% and 14%.
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