New Mexico State Investment Council (SIC) has approved $250m (€250.9m) worth of commitments to infrastructure funds managed by Brookfield and Macquarie Asset Management.
The $34bn sovereign wealth fund said it is investing $150m into the Brookfield Infrastructure Debt Fund III fund and has approved a $100m commitment to Macquarie Infrastructure Partners VI.
The investment into the Brookfield vehicle was funded by New Mexico SIC’s allocation within its fixed-income portfolio and will give the asset class an additional layer of diversification, the sovereign wealth fund said.
Advisory firm Aksia stated in New Mexico SIC’s meeting document that Brookfield is seeking to raise $4bn for Fund III.
Brookfield is making a $500m co-investment to the fund which will target junior/mezzanine exposure backed by infrastructure assets as it targets a 7% net internal rate of return.
New Mexico SIC’s is making the investment into the Macquarie vehicle through its real assets portfolio.
The Macquarie fund will have a small portfolio of its investments in midstream assets, which is the sector where a large portion of the sovereign wealth fund’s current portfolio is invested.
Partners VI, which seeks to raise $7bn to $8bn, will mainly acquire North American core-plus and value-add mid-market assets, according to New Mexico SIC’s meeting document.
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