New Mexico State Investment Council (SIC) has approved $200m (€195m) worth of commitments into two global infrastructure funds managed by BlackRock and Brookfield.
The sovereign wealth fund said it has placed $100m each into the Brookfield Infrastructure Fund V and BlackRock Global Infrastructure Fund IV funds.
“We have been pleased with our investment performance with the managers and each one of them have a strong investment team in place that we have confidence in for the future,” said New Mexico SIC.
The two commitments take the $36bn sovereign wealth fund closer to its 11% real assets target allocation.
Brookfield V, which expects to raise $25bn, targets a net internal rate of returns of 13% with a cash yield of 5% and a net equity multiple of 2%.
BlackRock expects to raise $7.5bn for Fund IV, a fund with a core-plus/value-add strategy seeking net internal rate of returns of at least 10% with a 7% current yield component.
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