New Mexico State Investment Council has “substantially completed” the consolidation of its hedge funds-of-funds portfolio, whittling it down 31% to $711.2 million as of Dec. 31 from $1.03 billion as of Dec. 31, 2008, according to materials on the Santa Fe-based investment council’s website.
Redemptions and liquidations in progress total $85 million, down from $1.04 billion in 2008. As of Dec. 31, the council received $1.05 billion in redemptions and liquidations. During this period, the fund’s target allocation to hedge funds of funds was reduced to 8% from 10%.
The remaining investments in the funds are illiquid, according to the materials.
Funds that have been partially or entirely liquidated include Altair Stars Fund, Austin Capital Safe Harbor QP Fund, Benchmark Plus Institutional Partners, Guggenheim Advisors Select Fund VI, K2 Alternate Strategies, K2 Summit Partners and TAG Relative Value Offshore Fund.