New Mexico State Investment Council Commits $775M to Real Assets
The $65.7 billion New Mexico State Investment Council (NMSIC) is continuing to scale its real assets portfolio, approving more than $775 million in new commitments as part of its ongoing diversification and global expansion strategy.
Acting on guidance from consultant Mercer, NMSIC established a new relationship with CVC Capital Partners, the Netherlands-based private markets manager, noted for its European LP-friendly waterfall structure. The largest allocation—€200 million (approximately $230 million)—was committed to CVC-DIF Infrastructure VIII, the firm’s flagship infrastructure fund following CVC’s 2024 acquisition of DIF Capital Partners. The strategy invests more than half of its capital in Europe and targets mid-market infrastructure opportunities across transportation, energy transition, digital infrastructure, healthcare, and utilities.
NMSIC also approved €100 million (about $115 million) to CVC Value-Add IV, which targets higher-growth infrastructure and service-based assets through both acquisitions and greenfield development. The fund is focused on digital infrastructure, energy transition, transportation, and healthcare, and seeks a net IRR of at least 13%. In addition, trustees approved a €200 million (roughly $230 million) commitment to a related co-investment vehicle, expanding NMSIC’s ability to deploy capital into select transactions alongside CVC.
On the real estate side, the Council authorized a $200 million top-up to its allocation with Carlyle Property Investors, adding to the original $100 million commitment from 2019. With this latest increase, NMSIC’s cumulative commitments to Carlyle across real estate and real assets now total approximately $1 billion. Nearly half of that is allocated across three vintages of the Carlyle Realty Partners series, with an additional $205 million deployed into closed-end real assets portfolios and co-investments.