New Mexico SIC commits $100m to private equity

The US pension has backed two private equity funds.

Institution: New Mexico State Investment Council
Headquarters: Santa Fe, US
AUM: $26.96 billion
Allocation to alternatives: 22.12%

New Mexico State Investment Council backed two private equity funds from KKR and Scale Venture Partners, according to an October meeting material document. 

Highlights from New Mexico SIC’s investment meeting:

  • The $26.96 billion pension invested up to $75 million to KKR Asian Fund IV, which focuses on consumer goods, manufacturing and TMT. The fund is targeting $12.5 billion, according to the meeting document.
  • New Mexico SIC also committed $25 million to Scale Venture Partners VII, which invests in the TMT sector in North America.
  • The pension approved its annual investment plan for FY 2021 and projects that it will invest up to $350 million next year.
  • New Mexico SIC’s allocation to private equity sits at 10.34%, according to Private Equity International data. The system has set a 12 percent target for the asset class for 2021.
  • Mercer is the system’s private equity consultant and advisor and worked with New Mexico SIC on its investments with the KKR and Scale Venture Partners funds.

Robert “Vince” Smith serves as New Mexico SIC’s chief investment officer and deputy state investment officer. Prior to joining the pension in 2010, Smith was CIO of Kansas Public Employees Retirement System. Steve Moise is the system’s state investment officer. He also serves as managing member of Moise Livestock Company, according to LinkedIn.

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