New Mexico commits $105m across three funds

The institutional investor has approved fresh commitments to Bridgepoint, Carlyle and Platinum vehicles, the latter marking a new relationship for the trust fund council.

The New Mexico State Investment Council has approved more than $100 million (€66 million) in equity commitments to three private equity funds, spokesman Charles Wollmann told PEO.

The council approved commitments of €30 million to Bridgepoint Europe IV and $30 million to The Carlyle Group’s second mezzanine fund, respectively targeting €4 billion and $600 million, according to Probitas Partners’ 2008 Private Equity Deskbook. New Mexico also committed $30 million to Platinum Equity Capital’s second fund, said to be targeting $2.75 billion.

This is the first time the $15.4 billion investment council, which invests on behalf of the state’s three permanent endowment trust funds, has committed capital to Tom Gores’ Platinum Equity.

The council invests around $350 million – or 6 percent of its overall portfolio – each year in the private equity asset class. The new commitments were approved by the council board following recommendation from their private equity investment committee. The council is advised by Dallas-based Aldus Equity Partners.

Bridgepoint, Platinum and Carlyle were unavailable for comment at press time.