New Mexico State Investment Council (SIC) has approved a $150m (€145.6m) commitment to Sandbrook Capital’s climate infrastructure fund.
The sovereign wealth fund said it has backed Sandbrook Climate Infrastructure Fund I, a fund seeking a $1bn capital raise and a $1.5bn hard cap. The commitment is a first-time relationship between the parties.
New Mexico SIC said half of the capital committed will be placed directly into the fund, and the other half go into a co-investment vehicle to invest alongside the fund.
The infrastructure fund, which mainly intends to invest in North America, will target some assets in Europe. The fund targets a mid to upper-teens gross internal rate of return.
Fund I recently made a $250m investment into Havfram, an offshore wind services company based in Norway.
New Mexico SIC said it has also approved a $100m commitment to the Bell Partners-managed Bell Value-Add Fund VIII, a US apartment real estate fund seeking to raise $1bn.
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