New Mexico SIC has approved $75m into Ares Real Estate Enhanced Income Fund. : New Mexico State Investment Council (SIC) plans to invest in Ares Management’s new US property debt fund. New Mexico SIC told IPE Real Assets that it had approved a $75m (€66m) commitment to Ares Real Estate Enhanced Income Fund at its board meeting on Tuesday. New Mexico SIC manages New Mexico’s $23bn permanent endowment and the latest investment is being made for its $2.1bn real-returns portfolio.