New Mexico State Investment Council (SIC) has approved a $150m (€127.6m) commitment into an infrastructure debt fund managed by Newmarket Investment Management.
The sovereign wealth fund said in a meeting document that it has approved the capital to Newmarket International Infrastructure Finance Company Fund III.
The investment, which is New Mexico SIC’s first-ever investment with the manager, is being made via the sovereign wealth fund’s fixed-income portfolio.
Newmarket Investment expects to raise $1bn for the fund by February next year to invest in the speciality finance sector.
The global infrastructure debt fund targets an 8% to 10% net return.
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