New Mexico State Investment Council (SIC) has created a new $200m (€169.3m) global real assets investment programme, focusing on co-investments and secondaries.
The sovereign wealth fund disclosed in a board meeting document that the new investment structure has been created to help increase co-investments in order to reduce overall fees on invested capital.
New Mexico SIC will work with consultant Mercer on the separate account, though the sovereign wealth fund will retain final veto power over all investment decisions.
A significant portion of this investment programme’s capital will be allocated to infrastructure, with some transactions in energy, but none in agriculture or timber.
The separate account is expected to have 10 to 20 transactions, with individual deals ranging from $5m to $20m.
Most transactions are expected to involve New Mexico SIC-approved managers, though up to 25% of the account can be managed by Mercer-approved managers.
The sovereign wealth fund expects the entire initial allocation for the new investment programme to be invested within 12 to 36 months.
To read the latest IPE Real Assets magazine click here.
