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.
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