New Mexico State Investment Council (SIC) has approved a $150m (€136.8m) commitment to Bain Capital’s third real estate fund, according to the sovereign wealth fund’s board meeting document.

New Mexico SIC has backed Bain Capital Real Estate Fund III, a fund seeking to raise $3.75bn.

The investment marks New Mexico SIC’s first commitment to the Bain fund series.

Fund III, a non-core fund, is expected to avoid industrial, apartment, retail and office sector assets but will invest in some infill industrial assets.

Previous funds in the series have invested in assets like self-storage, medical office, senior housing, media/content creation space and affordable housing.

New Mexico SIC also disclosed it made a $150m commitment to Blackstone Real Estate Partners Europe VII, Blackstone’s seventh European opportunistic real estate fund seeking to raise around €10bn.

The sovereign wealth fund also made a real assets investment via a $150m commitment to LS Power Equity Partners V.

As previously reported, US power and energy infrastructure manager LS Power Equity Advisors has set a $2.5bn fundraising target for its fifth private equity fund.

The core-plus infrastructure fund will invest in US power-generation assets, including natural-gas-fueled power plants, renewable generation and renewable fuels.

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