New Mexico SIC contributes $100m to Almanac Realty Securities IX

The New Mexico State Investment Council (NMSIC) has approved a re-up commitment of up to $100 million to Almanac Realty Securities IX (ARS IX), according to board meeting minutes from Jan. 24.

This would be the sovereign wealth fund’s fifth re-up commitment to Almanac with the initial allocation made in the series’ fourth vintage.

ARS IX, a value-added closed-end fund, provides growth capital to REOCs, primarily in the United States. Rather than acquiring individual properties, Almanac will invest in individual REOCs that own and manage various real estate properties and often need capital to grow their business. The fund will acquire these entity-level investments through the use of convertible debt with high current income.

NMSIC said the fund’s balanced mix of equity and debt structure is a diversifying influence on the real estate portfolio. The fund would be expected to be less volatile than value-add or opportunistic strategies underlying it, and it