New Mexico State Investment Council commits $75m to private equity

The PE asset class had net losses in Q1 2020.

Institution: New Mexico State Investment Council
Headquarters: Santa Fe, United States
AUM: $26.96 billion
Allocation to private equity: 11.76%

New Mexico State Investment Council has agreed to commit up to $75 million across four private equity funds, according to the agenda from its August 2020 investment meeting.

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Highlights from NM SIC’s August 2020 investment committee meeting:

  • The institution has invested up to $75 million in four private equity funds: $50 million to Bain Capital Fund XIII; $15 million to Crosslink Ventures IX; $5 million to Cottonwood Technology Fund III; and $5 million to Tramway Venture Fund II.
  • Prior to its most recent investments, New Mexico SIC had already committed $195 million for the year to private equity funds. Its 2020 pacing plan calls for $300 million to $400 million in PE commitments.
  • New Mexico’s buyout strategy is its largest, with the pension having invested $3.8 billion across 101 funds since its inception, according to the agenda.
  • The pension’s portfolio consists of 109 active funds and 25 managers that have made new commitments since 2011, a meeting document showed.
  • Buyout, growth, special situations and venture capital, which fall under New Mexico’s private equity asset class, each experienced net losses for Q1 2020.

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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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