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SIC invests in Ares Management and Almanac' funds

12 January 18 - RE+D Magazine
SIC invests in Ares Management and Almanac' funds

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New Mexico State Investment Council (SIC) is investing in the latest real estate funds of Ares Management and Almanac Realty Investors.

 

Late last year, IPE Real Assets reported that Ares Management was planning to raise €1.25billion (€1.04billion) for its fifth European real estate fund. New Mexico SIC has approved a $75million commitment to Ares Europe Fund V, according to a board meeting report cited by realassets.ipe.com.

According to New Mexico SIC, the new Ares fund plans to invest 30% of its capital in the UK, 25% in Germany, 15% in France, 20% in other western European markets and 10% in central Europe.

It will invest 80% in existing assets that can be improved and 20% in developments, targeting a net internal rate of return in the mid-teens.

New Mexico SIC is also investing $75m in Almanac Realty Securities VIII, a fund that invests in real estate companies.

Almanac provides growth capital to public and private companies that own and operate real estate.

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