The New Mexico State Investment Council has plans to commit an additional $40 million to the Macquarie Asia Infrastructure Fund. This follows a $60 million commitment made to the fund in September 2014, bringing NMSIC’s total investment in the fund to $100 million.
Macquarie Infrastructure and Real Assets, a unit of the Macquarie Group, manages the fund, which will target core and core-plus infrastructure investments in Asia, mainly in India, China, South Korea and Australia.
This decision will raise NMSIC’s infrastructure allocation from 23.5 percent to 25.9 percent of the real assets target allocation, which falls within the council’s policy range of 0 percent to 40 percent. Real assets are targeted to be 9 percent of NMSIC’s $20.2 billion total assets.
The council’s decision to increase their commitment was made “for a multitude of reasons,” says Charles Wollmann, a spokesman for the council, in an email, “including the quality of the manager [and] an increase in our long-term target for real return.”
MIRA has a nearly 20-year track record in infrastructure investment and management, according to documents provided by NMSIC, with around 160 investments in approximately 30 countries as of March 2014.