New Mexico SIC Pours $800M into Private Debt, Real Estate Strategies
The $67 billion New Mexico State Investment Council (SIC) approved more than $800 million in new commitments across private debt and real estate.
In private debt, the council added $450 million, including a $250 million commitment to Silver Rock Capital Partners’ Core Lending Strategy, which increases SIC’s direct lending exposure, along with an additional $50 million to a no-fee, no-carry sidecar vehicle. Earlier this year, SIC also allocated $100 million to the Silver Rock Lobo Co-Investment vehicle, building on its initial 2023 investment. ACORE Credit Partners III received a $150 million follow-on commitment as SIC continues to capitalize on opportunities in commercial real estate debt.
On the real estate side, the SIC approved $350 million in new commitments as it seeks to increase residential and industrial exposure within its property portfolio.
A $300 million allocation to the Bell Partners Growth & Income Fund will support investments in stabilized apartment communities located in markets with favorable supply-demand dynamics. The closed-end fund targets a net IRR of at least 9% and will reserve a smaller portion for value-add “build-to-hold” strategies. SIC has previously committed a total of $175 million to Bell’s value-add funds in 2020 and 2022.
The council also approved a $50 million re-up to the long-running Clarion Lion Industrial Trust, which invests in core and build-to-core industrial assets such as modern warehouse and distribution facilities that support e-commerce and supply chain tenants. The strategy targets net returns of at least 9.5%, and SIC has been invested in the trust since 2007.
According to board documents, SIC staff is aiming to increase residential exposure within real estate while maintaining a strong foothold in industrial assets.
