New Mexico SIC starts real assets co-investment programme

NEW MEXICO – New Mexico State Investment Council (SIC) has started to make co-investments in infrastructure and real estate for the first time.

According to a board meeting document, the sovereign wealth fund has commited US$50 million to be co-invested alongside BlackRock Global Energy & Power Infrastructure III.

A spokesperson for New Mexico SIC stated that they are looking to find additional co-investment opportunities in the future in both our real estate and real estate asset classes in the future.

BlackRock will have discretion over the co-investment capital, although it will be restricted to a maximum of US$10 million per deal and will have to exclude North America midstream transactions.

New Mexico SIC committed US$100 million to BlackRock Global Energy & Power Infrastructure III in the fourth quarter of last year.

According to a board meeting document, BlackRock is seeking to raise US$3.5 billion for the fund, with a US$4.5 billion hard cap.

Source: Real Assets