US institutional investor commits to Ares Europe Fund V.: 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 €1.25bn (€1.04bn) for its fifth European real estate fund. New Mexico SIC has approved a $75m commitment to Ares Europe Fund V, according to a board meeting report.