New Mexico State Investment Council (SIC) has approved $350m (€331) in investments in real estate and data centre funds, according to a board meeting document.

The sovereign wealth fund has committed $100m to KKR Real Estate Partners Americas IV, a KKR-managed fund that targets $4bn in capital.

KKR raised $4.3bn for a predecessor fund which closed in October of 2021.

The latest fund, which targets net returns of 12% to 15% will invest in industrial, rental housing, and self-storage properties in the US.

New Mexico SIC has committed $100m to the Alterra IOS Venture III fund and $25m to the fund’s co-investment vehicle. The fund invests in industrial outdoor storage properties (IOS).

As previously reported, Alterra Property is seeking to raise $750m for the value-add IOS fund, which has an $850m hard cap target.

In addition, New Mexico SIC has also committed $100m to the IPI Partners III and $50m to the fund’s co-investment vehicle.

As previously reported, IPI Partners has set a $4bn fundraising target for its latest data centre fund.

The fund, which will target stabilised assets as well as some value-add and development projects in OECD countries, will consider investing up to 25% of its capital in non-OECD nations.

Investment adviser IPI Data Centers was established by Iron Point Partners, which manages private equity real estate funds, and Iconiq Capital, known to manage the investments of high-net-worth individuals in Silicon Valley.

To read the latest edition of IPE Real Assets magazine click here.

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