New Mexico Educational Retirement Board (NMERB) has approved $100m (€89.2m) of new capital for infrastructure co-investments, managed by CBRE Caledon.

NMERB has been making direct co-investments since 2013, committing $85m at the outset, followed by a $100m commitment in 2016.

The latest mandate will be global in focus and include core and value-add, and brownfield and greenfield investments, according to a board meeting report.

NMERB told IPE Real Assets that it was non-discretionary, allowing the pension fund to veto any investments.

The pension fund is targeting net returns of 10% to 12%.

The pension fund’s infrastructure portfolio was valued at $658m at the end last year, including 11 fund commitments worth $473m.