New Mexico Pension Directs $550M to Real Estate

The New Mexico State Investment Council has approved $550 million for three real estate funds.

Carlyle Realty Partners X, a continuation of an existing partnership with Carlyle Realty Partners, received $300 million. The fund specializes in multifamily, industrial, active adult apartments, and single-family rentals. The fund’s net IRR target is in the mid-teens.

The $52 billion pension system’s previous investments with Carlyle included $100 million each in CRP VIII and IX. The pension fund is also invested in Carlyle’s core-plus open-end real estate fund (Carlyle Property Investors) with a $100 million commitment.

Jadian Capital’s Jadian Real Estate Partners II has received $100 million. The fund’s net IRR target is in the mid-teens. The strategy targets industrial outdoor storage, commercial self-storage, land-lease communities, and hanger real estate.

Westport Capital’s WCP NewCold III, a fund focused on cold storage, was allocated $150 million. NewCold has built 14 cold storage warehouses across seven countries. The fund is targeting a $2.5 billion raise.