New Mexico SIC votes to commit $100m to opportunistic AEW fund

The New Mexico State Investment Council (SIC) has approved a commitment of up to $100 million to AEW Partners Real Estate Fund X, a closed-end, opportunistic fund managed by AEW Capital Management, according to minutes from the sovereign wealth fund’s Feb. 28 meeting.

The commingled Fund X is seeking $2 billion of equity commitments. The vehicle will opportunistically acquire and develop multiple property types, primarily multifamily, industrial and life science conversions.

Fund X aims to create a diverse portfolio across in-demand property sectors throughout the United States. The fund will focus on acquiring multifamily products in established near-urban submarkets with in-place amenities and acquiring bulk industrial-distribution facilities in markets exhibiting demand growth. Fund X hopes to capitalize on macro-led market dislocation opportunities in the form of forced sellers, rescue capital situations, repricing and bank loan sales.

The commitment is th