New Mexico SIC commits $225m to two real estate funds

The $42.7 billion New Mexico State Investment Council (New Mexico SIC) has committed $100 million to Alterra IOS Venture III and $25 million to a co-investment vehicle of the fund, as well as $100 million to KKR Real Estate Partners Americas (REPA) IV, an opportunistic real estate fund managed by the New York–based firm KKR.

Alterra IOS Venture III is seeking $750 million and will invest with a value-add strategy in industrial outdoor storage (IOS) facilities in infill locations across major U.S. markets.

Managed by Alterra Property Group, the fund follows Alterra IOS Venture II, which closed in March 2022 after raising $524 million, exceeding its original target of $400 million. Alterra is one of the largest institutional owners of industrial outdoor storage properties in the United States.

KKR REPA IV will invest opportunistically in a diverse set of real estate assets across the United States. The fund is seeking $4 billion and will generally target three-