Investors - DECEMBER 2, 2021

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New Mexico SIC makes follow-on commitment to Berkshire fund

by Kali Persall

The New Mexico State Investment Council (NMSIC) has approved a follow-on commitment of up to $50 million to Berkshire Bridge Loan Investors II-A (BBLI II-A), on behalf of its real return portfolio. NMSIC categorized the investment as a real estate commitment.

BBLI II-A is a closed-end, coinvestment vehicle that will invest alongside Berkshire Bridge Loan Investors II (BBLI II), a fund focused on continuing Berkshire’s multifamily direct lending strategy.

In February, the sovereign wealth fund committed $40 million to Berkshire Bridge Loan Investors II. The fund will primarily invest in first mortgage, whole loans. NMSIC also has three commitments to Berkshire within the real estate portfolio, representing $175 million.

Berkshire is a vertically integrated, multifamily-focused real estate investment manager with $13.6 billion of gross assets under management.

NMSIC has a total real return allocation of 10 percent, which is broken down between a 20 percen

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