New Mexico State Investment Council (SIC) has approved a $100m (€82.7m) commitment into The Carlyle Group’s ninth US real estate fund.
The sovereign wealth fund said in a meeting document that it expects its capital commitment to Carlyle Realty Partners IX to be part of the fund’s first close.
As previously reported, Carlyle is seeking to raise $6bn for the fund and plans to have a first close in June of this year and a final close 18 months thereafter.
Partners IX will invest in multifamily, single-family rental, active adult/age-restricted housing, life science office and industrial assets.
Prior to its commitment to Partners IX, New Mexico SIC was under-allocated to multifamily assets.
New Mexico SIC said it has also approved to redeem the full $136.9m it holds in Angelo Gordon Rio Grande Flexible Multi Credit, due to the non-core fixed-income fund’s underperformance.
Since 2013, New Mexico’s investment in the fund has returned 1.8% annually.