New Mexico State Investment Council (SIC) is investing $220m (€202.1m) in infrastructure through an EQT fund.
The $34bn sovereign wealth fund said $160m of the approved commitment will be placed directly into the EQT Infrastructure VI fund and the remaining $60m will be used for co-investment opportunities alongside the global fund.
As previously reported, EQT has set a €20bn fundraising target for its latest infrastructure fund.
New Mexico SIC’s commitment is part of an expected first close for the fund, details of which are currently unknown.
According to the sovereign wealth fund, up to 60% of the fund’s investments will be made in the European Union.
The fund, which mainly targets assets in the digital, energy, transportation and logistics, environmental and social infrastructure sectors, expects to generate a net internal rate of return of 11% to 15%.
New Mexico SIC said it also approved a $100m commitment to Almanac Realty Securities IX, a fund that invests in real estate companies.
The fund provides growth capital to real estate firms with strong value-add or opportunistic strategies and portfolios with clear growth prospects.
The investment represents the fifth commitment the sovereign wealth fund has issued to the Almanac Realty Securities fund series.
To read the latest edition of the latest IPE Real Assets magazine click here.
