New Mexico State Investment Council (SIC) has committed $250m (€233.6m) to funds managed by Jadian Capital and Westport Capital Partners, marking the first time the sovereign wealth fund has selected these firms as real estate managers.
New Mexico SIC has placed $150m into Westport’s WCP NewCold III and $100m into Jadian Real Estate Fund II.
Westport is seeking to raise $2bn for New Cold Fund III, a fund that will be investing capital in cold storage warehouses.
New Cold Fund III’s portfolio will include an interest in NewCold Holdings as part of a recapitalisation of New Cold’s existing portfolio of 14 assets developed with prior investment vehicles managed by Westport Capital Partners.
The fund will also engage in new development. New Cold’s existing assets are located in North America, Europe, and APAC.
Jadian Fund II will be investing in niche property types like industrial outdoor storage, commercial self-storage, and land-lease communities like manufactured home sites, and hanger real estate such as aircraft parking.
Jadian Capital is seeking to raise $600m for the fund which targets net return in the high teens over a 10-year retrun period.
New Mexico SIC also said it made a $300m commitment to Carlyle Realty Partners X. Carlyle is seeking to raise $8bn for its latest US opportunistic real estate fund.
To read the latest IPE Real Assets magazine click here.
