The $25.8 billion New Mexico State Investment Council (SIC) voted to approve a $125 million commitment to the Clarion Partners Lion Properties Fund, an open-end, diversified core real estate fund managed by Clarion Partners, at its board meeting on Tuesday.
The fund invests primarily in institutional-quality real estate assets located throughout the United States, according to New York–based Clarion. It has an average asset size of $78 million and an $8.2 billion net asset value.
Founded in 1982, Clarion has $46.6 billion in assets under management.
The SIC has previously invested in other Clarion funds, but the commitment marks its first exposure to this core fund, Charles Wollmann, SIC’s director of communications confirmed in an email.
He added that the commitment was made in part due to an influx of $525 million in new capital from New Mexico’s new rainy day fund/tax stabilization reserve (TSR), which has a 20 percent long-term allocation to rea
