The New Mexico State Investment Council (SIC) has approved a $50m (€45.4m) commitment to co-invest alongside Brookfield Infrastructure Fund IV.

According to New Mexico SIC, Brookfield Asset Management is currently raising co-investment capital for what is already set to be its biggest-ever global infrastructure fund.

According to industry sources, Brookfield had raised $15bn for the fund by the end of June – including a $100m commitment from New Mexico SIC – and has set an upper limit of $20bn.

The fund has closed on nine seed investments across four continents, New Mexico SIC said, including assets in the renewable power, data, energy and transportation sectors.

The initial investments are on target to meet the fund’s net-internal-rate-of-return target of at least 10%.