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New Mexico State Investment Council commits $275 million to alternatives

New Mexico State Investment Council, Santa Fe, committed $275 million to five alternative investment funds, said Charles Wollmann, spokesman for the $22.1 billion endowments.

The council at its meeting Tuesday committed $75 million to New Mountain Partners Fund V, a private equity fund managed by New Mountain Capital. The fund will target control buyouts of companies with $200 million to $1 billion of enterprise value based primarily in North America. This is the first time the council has committed to a New Mountain fund.

The council also committed $50 million each to TPG Growth Fund IV and TPG The Rise Fund, managed by TPG Capital. Both funds will make growth equity and buyout investments. The Rise Fund will be expected to meet a minimum level of social impact. The council has invested with TPG in the past.

And the council made a $50 million commitment to BlackRock (BLK) Global Renewable Power Fund II, a value-added global renewable power strategy. The council also committed $50 million to Berkshire Multifamily Value Plus Fund IV, a value-added real estate fund managed by Berkshire Group. The fund is a multifamily investment fund that has a fundraising target of $275 million to $300 million; it is expected to close later this summer.