New Mexico State Investment Council (SIC) has approved a $200m (€190.7m) commitment to Oaktree Power Opportunities Fund VII, an Oaktree Capital Management fund which targets investments in electric power, natural gas, water and other related businesses.
According to sources familiar with the fund, Oaktree plans to close the fund in the next quarter with a targeted capital raise of $2.5bn.
New Mexico SIC said it has also approved a $100m commitment to Copenhagen Investment Partners V and placed $37.5m into a co-investment vehicle related to the Copenhagen Infrastructure Partners-managed fund.
New Mexico SIC previously committed $150m to Partners V and $37.5m for co-investments in September 2023.
As previously reported, Copenhagen Investment Partners is aiming to raise €12bn for the fund, which according to sources will close in the first quarter of next year.
New Mexico SIC is also expanding its US residential investments with a $200m commitment to FPA Multifamily’s FPA Apartment Opportunity Fund IX and $150m to Berkshire’s latest US residential real estate debt fund, the Berkshire Multifamily Credit Fund IV.
FPA plans to have a final close in the first quarter of next year, exceeding its $1.5bn target, according to sources familiar with the fund.
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