New Mexico State Investment Council (SIC) has approved a $150m (€136.6m) commitment to NorthBridge Partners Fund IV, marking the first time the investor has invested in a fund managed by NorthBridge Partners.
New Mexico SIC is attracted to the fund’s focus on industrial properties in key Northeast and Southeast US markets, as well as its sourcing model that targets smaller properties owned by local users and private property owners, the sovereign wealth fund disclosed in a meeting document.
NorthBridge Partners Fund IV has an $800m fundraising target and is expected to close in January 2024.
New Mexico SIC has also increased its commitment to Sandbrook Capital’s climate infrastructure fund with a $25m investment directly into the fund and the same amount into the fund’s co-investment sidecar vehicle. This follows the sovereign wealth fund’s initial $75m commitment to Sandbrook Climate Infrastructure Fund I and $75m to the co-investment vehicle in November 2022.
The fund is nearing its $1bn target and has a hard cap of $1.5bn. As previously reported, the infrastructure fund, which mainly intends to invest in North America, will target some assets in Europe. The fund targets a mid to upper-teens gross internal rate of return.
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