Public Employees Retirement Association of New Mexico (New Mexico PERA) has committed an additional $100m (€85.2m) to the IFM Global Infrastructure Fund, marking its fourth allocation to the open-ended vehicle.
The pension fund made an initial $25m commitment in 2013, which was later increased by follow-on investments of $75m in 2016 and $50m in 2019.
New Mexico PERA disclosed in a board meeting document that as of March, its stake in the IFM fund was valued at $227.7m.
The investment delivered a 10.84% net internal rate of return, placing it within its targeted time-weighted net return range of 8% to 12%.
IFM’s global Infrastructure fund targets core-plus and value-add investments in the transportation, social infrastructure, energy and telecommunications sectors.
New Mexico PERA said the new allocation to the fund will assist in geographical diversification, infrastructure sub-sector diversification, and enhance returns in the illiquid real assets portfolio with the benefit of an evergreen structure that mitigates the j-curve and provides vintage year diversification.
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