The New Mexico State Investment Council (SIC) has approved a commitment of up to €50 million ($60 million) to AXA European Life Sciences Strategy (ELSS), according to a recent board meeting document.
AXA Investment Managers is raising a €750 million ($895 million) fund for a minority stake in ELSS, with AXA Group Investors retaining the majority.
ELSS is a closed-end vehicle focused on the expansion of Kadans Science Partner, a developer, owner and operator of life sciences parks and campuses in Europe, with a develop-to-hold strategy and geographical emphasis on the Netherlands, United Kingdom, Germany, Spain, Belgium, the Nordics and Switzerland. Kadans has an existing portfolio of operating and development stage life sciences assets across three countries.
Some 30 percent of the commitment will be used to fund the existing portfolio and secured pipeline.
The fund will be a value-add investment for NMSIC and its first commitment to AXA IM. With €1
