New Mexico State Investment Council (SIC) has committed $$300m (€262.1m) to Brookfield Asset Management’s latest global infrastructure equity fund.
The sovereign wealth fund has backed Brookfield Infrastructure Fund (BIF) VI, attracted in part by Brookfield’s plan to deploy 20% to 30% of total capital in the Asia-Pacific region.
The allocation provides New Mexico SIC with strategic diversification for its portfolio, which is currently underexposed to the region.
Brookfield is targeting $30bn in total commitments for BIF VI and is making a 25% co-investment in the fund, primarily backed by its corporate balance sheet.
BIF VI will target net internal rates of return above 10%, alongside annual cash yields in the mid-to-high single digits.
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