New Mexico State Investment Council slates $75 million for private equity

New Mexico State Investment Council slates $75 million for private equity

New Mexico State Investment Council, Santa Fe, committed up to a total of $75 million to four alternative investment funds, said Charles Wollmann, spokesman for the $27 billion endowments.

The council committed up to $50 million to Bain Capital XIII Fund, a North American diversified global buyout fund. The fund will invest in health-care, industrial, technology, consumer, and financial and business services companies. The council committed $50 million to Bain Capital Tech Opportunities fund in March.

The council also committed to three funds for its New Mexico private equity investment program. It committed up to $15 million to seed stage and Series A stage venture capital fund Crosslink Fund IX, which invests in technology companies and is managed by Crosslink Capital. The council had previously committed $15 million to Crosslink Fund VIII. It also committed up to $5 million each to the US-entity of Cottonwood Technology Fund III managed by emerging manager Cottonwood Technology Fund and Tramway Venture Partners II, also an emerging manager. Both managers are new relationships for the council.

The Cottonwood fund will make primarily preseed, seed and early stage venture capital investments in technology companies in sectors such as optics, advanced materials, chemistry, photonics and robotics in the Southwest U.S. and Northwest Europe.

Tramway Venture Partners II is an early stage venture capital fund making seed and early stage investments in life sciences and health-care companies.

Separately, the council approved new suballocations for its $4.2 billion international equity portfolio, increasing active risk strategies by 8 percentage points, with traditional active international equities up 6 percentage points to 68% and factor-based up 2 percentage points to 22%. Traditional passive international equity was reduced by 8 percentage points to 10%.

Also, in September, the council is expected to discuss its annual investment plan and asset allocation study. The asset allocation study will include general investment consultant RVK’s updated long-term asset class return assumptions.

Source “Pension & Investments”:

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