Investors - FEBRUARY 26, 2016

New Mexico invests in real estate debt and infrastructure

by Zoë Wolff

The $20.6 billion New Mexico State Investment Council has committed £70 million ($97.71 million) to Pramerica Real Estate Capital VI, according to Charles Wollmann, director of communications for the investment council.

According to New Mexico meeting documents, the fund, managed by Pramerica Real Estate Investors, which operates as Prudential Real Estate Investors in the Americas, South Korea and Japan, is seeking to raise £1 billion ($1.39 billion). The fund will target lending opportunities in core and core plus assets, as well as preferred equity positions in office, retail, industrial and residential properties. The fund will focus primarily on the United Kingdom and Germany.

The investment council additionally committed $75 million to Brookfield Infrastructure Fund III. The fund, managed by Brookfield Asset Management, recently received commitments from the Maine Public Employees Retirement System and the Public School Teachers Pension & Retirement Fund of Chicago. The fund’s predecessor, Brookfield Infrastructure Partners II, held a final close of $7 billion in October 2013. The fund invested in infrastructure, mainly in the United States and Canada. The investment council committed $100 million to the fund in March 2013.

The investment council has a 10 percent target allocation to real estate and a 9 percent target allocation to real assets. As of September 2015, New Mexico had a 7.6 percent actual allocation to real estate.


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