The $63.5B New Mexico State Investment Council (SIC) has approved a €500M ($535M) commitment to CVC DIF’s mid-market private infrastructure funds that offer inflation-linked revenues and downside protection.
During a recent investment meeting, the fund’s investment team shared that the investment will be divided among three vehicles: €100M to DIF Core Plus Infrastructure Fund VIII, €200M to DIF Value-Add Infrastructure Fund IV, and another €200M to a co-investment sleeve that will emphasize the value-added portion, deploying capital alongside both strategies.
Keith Sabol, director of real estate and real assets at New Mexico SIC said the investment would be a strong step toward building out the fund’s real assets portfolio through exposure to an extremely capable global manager and the flexibility to co-invest in differentiated opportunities.
Founded in 2005 in Amsterdam, DIF manages €19B in infrastructure assets and is part of the larger CVC network, which oversees about €200B. The firm has grown into a global mid-market infrastructure specialist, employing roughly 225 professionals across 12 offices. The firm’s sole focus is on private infrastructure investments, said CVC partner Kate Thomas, during the meeting.
Its latest core plus and value-add funds will target a mix of transportation, digital infrastructure, energy transition, utilities, and healthcare assets, with an estimated geographic breakdown of 55% Europe and 35% North America.
The Core Plus Fund VIII focuses on mature, cash-generating assets with inflation-linked revenues and an expected net return of around 10%, while the Value-Add Fund IV will pursue higher-growth projects —including selective greenfield developments — aiming for approximately 13% returns, said Gurjeet Dosanjh, a principle in the alternatives division at Mercer, during the meeting.
DIF’s integrated investment team of 125 professionals oversees both strategies, ensuring what the firm calls “no overlap” between portfolios.
During the meeting, Willem Jansonius, partner and head of CIF funds and value-add infrastructure at CVC DIF, highlighted digital infrastructure and energy transition as key pillars of future growth. Roughly 40% of the portfolio will be allocated to digital assets such as data centers, fiber networks, and communications infrastructure, while about 25% will target energy transition opportunities, including renewable power, biofuels, and battery storage.
Jansonius also noted that all new data center investments will use renewable energy sources and sustainable water systems, adding that every asset the firm owns is on a path toward net zero. The firm also emphasized its environmental, social, and governance framework, sharing that health and safety protocols, local hiring, and diversity initiatives are embedded across all portfolio companies.
