New Mexico commits $115m to alternatives

The $13bn public pension has approved commitments to several alternative investment vehicles including Onex's $4.5bn buyout fund and Silver Point's $1bn distressed debt fund.

The New Mexico Public Employees Retirement Association has approved $115 million (€74.4 million) in commitments to alternative investment funds.
 
The $13 billion public pension will commit $25 million to Onex Partners III, a Canada-based buyout fund which is targeting $4.5 billion. A $30 million commitment was made to private equity distressed debt fund Silver Point Capital for investment in mortgage opportunities through its special opportunities fund targeting $1 billion.
 
Also approved was a $35 million allocation to event-driven hedge fund Sandell Asset Management’s Castlerigg Partners.
 
The commitments were approved at a board meeting on 29 May.
 
In April, the pension approved an allocation of $25 million to opportunistic real estate fund Blackstone Real Estate Partners Europe.
 
The New Mexico pension has a target allocation of 5 percent to the private equity asset class and is open to investing in most fund types including buyout, venture capital, mezzanine and distressed debt funds.