The New Mexico State Investment Council (SIC) has expanded its infrastructure fund manager line-up by approving $488m (€442m) in commitments to vehicles managed by Ardian and Antin Infrastructure Partners.
The sovereign wealth fund said it has committed $250m to the Ardian Infrastructure Fund VI fund and placed €220m into Antin Infrastructure Fund V.
According to New Mexico SIC, Ardian is seeking to raise €10bn for its Fund VI.
Fund VI targets a combination of digital, transportation, and energy assets. It employs a dual investment strategy, combining core-plus and value-add approaches. Ardian allocates a portion of the fund for opportunistic greenfield projects.
Ardian has already seeded the fund with three initial assets, representing 20% of the fund’s capital.
As previously reported, Antin’s Fund V is targeting a €10bn fundraise and a €12bn hard cap
The fifth flagship fund will seek controlling equity investments in the energy and environment, telecom, transport and social infrastructure sectors in Europe and North America.
All of the transactions for Fund V will be large value-add types of deals. The targeted returns for the fund will be mid-teens gross internal rate of returns.
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