New Mexico State Investment Council (SIC) has made a $200 million infrastructure commitment, investing with Brookfield Asset Management (BAM) and Industry Funds Management (IFM).
Infrastructure Investor sister publication Private Equity International reported online SIC agreed to put $100 million with Brookfield and $100 million with IFM in a meeting Tuesday along with deciding to invest $75 million in Affinity Asia IV, a private equity fund.
The allocation was divvied up between Brookfield Infrastructure Fund II and Industry Funds Management Global Infrastructure Fund (IFM Global Infrastructure Fund).
Both BAM and IFM declined to comment on the allocation.
In 2012, IFM Global Infrastructure Fund raised $2 billion in North America. Melbourne, Australia-headquartered IFM has $14 billion invested in infrastructure.
Charles Wollman, spokesman for SIC in Santa Fe, N.M., noted the $16.5 billion ‘permanent fund’ has a preexisting relationship with Brookfield. SIC has dedicated 10 percent of its investment capital to what Wollman termed its real asset bucket – a portfolio including infrastructure.
In June, SIC committed $75 million to Global Infrastructure Partners II (GIP II), and has a $65 million investment in JP Morgan Infrastructure Investment Fund.
Wollman said the endowment fund began allocating to infrastructure for diversification. “[In the past] we have lived and died with equity – mostly died,” Wollman quipped.