New Mexico SIC Commits $550M to Infra, PE Portfolios

The New Mexico State Investment Council added $550 million to its private equity and infrastructure programs in May.

The largest commitments were to its infrastructure program, which received approximately $500 million in combined capital commitments through Mercer’s recommendation as part of the fund’s real asset exposure.

Antin Infrastructure Fund V has been approved for a $234 million commitment. Antin is the SIC’s new manager. With around 60% of its assets in Europe, the strategy is large cap value-add with a target of mid-teen gross returns, predominantly from brownfield investments, with greenfield development allocations available on an opportunistic basis. The focus is on renewables/energy, telecom, transportation, and social.

Ardian Infrastructure Fund VI received a pledge of $250 million. The fund aims to establish a portfolio of eight to 12 essential yield-generating infrastructure assets with inflation-linked income. The Paris-based firm’s strategy includes three sectors: digital, transportation, and energy/renewables.

In private equity, two new managers have been appointed. Monomoy Capital Partners V was selected for a $50 million commitment. Monomoy Capital Partners, based in New York, manages the fund, which is a value-oriented middle market buyout vehicle focused on manufacturing, industrial, and consumer industries.

SIC earmarked $15 million to the J2 Venture Argonne Fund. The early-stage venture capital fund is part of SIC’s private equity holdings. The portfolio focuses on dual-use technology that can be employed in both civilian and military applications.

The updates come as the $54 billion fund anticipates distributions of approximately $1.6 billion in fiscal year 2024, a $325 million increase over the previous year, trustees were told at their May 28 meeting. The fresh funds follow $700 million in authorized commitments in April.