New Mexico State Investment Council (SIC) has approved $700m (€627.7m) in new commitments across its real estate and infrastructure portfolios.
New Mexico SIC approved $150m to FPA Multifamily’s core-plus FPA Blue Chip Secure Value Fund VII, drawn in part by the fund’s 15% to 20% target allocation to Midwest US apartment assets, a region where the sovereign wealth is currently underweight.
FPA is seeking to raise $1bn for Fund VII, targeting net internal rates of return of 10% to 12% over an 11-year term.
New Mexico SIC also committed $200m to EQT Exeter Industrial Value Fund VII, which targets last-mile logistics, cold storage and land with data centre potential.
For its infrastructure, the sovereign wealth fund allocated $225m to Copenhagen Infrastructure Partners VI (CIP VI) alongside an additional $125m to its companion co-investment vehicle.
CIP is targeting $16bn for its flagship global core fund, which focuses on offshore wind, solar and onshore wind, alongside a one-third allocation to niche sectors including battery energy storage systems and data centre integration services.
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