New Mexico State Investment Council, Santa Fe, committed $100 million to Blackstone Infrastructure Partners, an open-end fund managed by Blackstone Group, said Charles Wollmann, spokesman for the $23.7 billion endowments, in an email.
This is Blackstone's first infrastructure fund and aims to invest in core and core-plus infrastructure assets and asset-backed securities located predominately in North America, according to a staff memo for the council's meeting on Tuesday. The fund is being formed alongside a separate account commitment made by Saudi Arabia's $230 billion Public Investment Fund, Riyadh.
Blackstone is targeting $40 billion for the fund over several years, with half of that expected to come from the Public Investment Fund.
The council has invested with Blackstone in the past, including Blackstone Real Estate Partners VII and Blackstone Real Estate Partners VIII. The council had a $2.2 billion real asset portfolio, including $461 million in infrastructure, before it made the Blackstone fund commitment.