AEW Capital Management is seeking to raise $2bn (€1.9bn) for its latest opportunistic US real estate fund, according to an investors meeting document.

The New Mexico State Investment Council (SIC) disclosed in the meeting document that it approved a $100m commitment to the AEW Partners X fund. The sovereign wealth fund in 2021 made a $75m commitment to Fund IX, the previous fund in the series.

Partners X, which has a 65% leverage component, expects to acquire and develop mainly multifamily, industrial and life science conversions.

AEW declined a request for comment.

New Mexico SIC also disclosed in the meeting document that it has set a $700m real estate pacing amount for 2023 to invest in opportunistic and value-add funds to help balance its real estate portfolio which is currently heavily tilted towards core assets.

To read the latest edition of the latest IPE Real Assets magazine click here.