New Mexico State Investment Council (SIC) plans to invest around $250m (€214.6m) into non-core real estate opportunities in fiscal 2019 as it targets high returns.
The sovereign wealth fund, which is being advised by The Townsend Group, said in its meeting document that the amount is part of a pacing plan being considered for the fiscal year beginning in July.
In an interview with IPE Real Assets, New Mexico SIC said it is satisfied with its core manager lineup and believes that there are more strong investment opportunities in the non-core sector.
New Mexico SIC, which manages New Mexico $23.2bn permanent endowment, said it is also looking for investment opportunities that can produce higher yields.
The capital will be invested on a global basis either through funds or co-investments.