New Mexico Public Employees Retirement Association, Santa Fe, committed up to $45 million to TPG Opportunities Partners III, a distressed debt fund, said Julian Baca, interim chief investment officer for the $13.9 billion pension fund, in an e-mail.
It is a global fund managed by TPG Capital that invests in special situations, including buying distressed debt to gain control of a portfolio company, non-performing loans and corporate dislocations, according to a report to another limited partner in the fund, the $49.4 billion Pennsylvania Public School Employees' Retirement System, Harrisburg.
TPG Opportunities Partners III is expected to hold its first close this month and its final close in early 2014. The general partner is expected to commit about $90 million to the fund.