New Mexico State Investment Council, Santa Fe, committed a total of up to $175 million to two real asset funds and up to $50 million to a new open-end real estate continuation fund.
The council committed up to $100 million to Macquarie Infrastructure Partners V, a fund managed by Macquarie Infrastructure and Real Assets that would make primarily core and core-plus brownfield investments in transportation, waste management, utilities, energy and communication companies in the U.S. and Canada. Macquarie has set a $5 billion fundraising target. The council has invested with the manager in the past, including a $100 million commitment to Macquarie Infrastructure Partners IV.
The council also committed up to $75 million to KKR Real Estate Partners Americas III, an opportunistic real estate fund managed by KKR & Co. The council has committed to past KKR funds.
The council also committed up to $50 million to what staff and its real estate consultant, Townsend Group, called a continuation fund, Blackstone BioMed Life Science Real Estate, a core-plus open-end real estate fund managed by Blackstone Group. The fund in November purchased BioMed's life science real estate portfolio in a recapitalization of the company from another Blackstone real estate fund, Blackstone Real Estate Partners VIII, Kathleen McCarthy, a senior managing director and global co-head of Blackstone Real Estate, told the council.
The council in 2015 had committed $75 million to the opportunistic real estate fund Blackstone Real Estate Partners VIII, which took life sciences real estate investment trust BioMed private in 2016. The council's new committee is made up of $25 million from existing exposure to BioMed through Blackstone Real Estate Partners VIII and an additional $25 million commitment to the new open-end fund.
