The New Mexico State Investment Council (SIC) approved a $150 million investment in Hull Street Energy Partners III (HSE III) at its Sept. 24 meeting.
In August, NMSIC staff, in consultation with Mercer, recommended the commitment. This represents a new relationship for the sovereign wealth fund.
Manager Hull Street Energy specializes in investments in North American operating power, renewable development and energy services opportunities. According to the meeting document, HSE III follows a data-driven approach to investing in mid-market North American power investments. Its main focus is on acquiring operating power plants that are considered to be undermanaged or possess attractive attributes. In contrast to previous investment opportunities, there is now an increased focus on renewable development in this vintage.
HSE III has a target size of $1.5