New Mexico State Investment Council (SIC) has approved a €200m commitment to EQT Exeter’s latest European logistics fund.
The $59bn (€50.6bn) sovereign wealth fund has committed the capital to EQT Exeter Europe Logistics Value Fund V, a value-add fund seeking to raise €2.5bn.
Fund V expects to generate net returns of between 14% and 16% over an eight-year period. The fund expects 80% of its total return to come from capital appreciation, with the remaining 20% from current income.
New Mexico SIC said it has issued a full redemption for its investment in the Ares Real Estate Enhanced Income Fund.
The sovereign wealth fund disclosed in a board meeting document that the open-ended US real estate fund had underperformed.
New Mexico SIC issued a $75m commitment in 2019 to the Ares fund and was worth $99.3m as at the end of the first half of 2025.
The fund generated a time-weighted annualised total return of 6.3%, which is below both the fund’s own target of 7% to 8% and the New Mexico SIC’s target of 10% to 12% for private market debt.
To read the latest IPE Real Assets magazine click here.
