New Mexico Educational Retirement Board's investment committee approved committing $290 million to private investment funds at Thursday's meeting, said Bob Jacksha, chief investment officer of the $10.7 billion Santa Fe-based pension fund, in an e-mail.
Manager decisions made by the investment committee are final, Mr. Jacksha said.
The committee committed $150 million to Marathon European Credit Fund II, a European opportunistic credit hedge fund managed by Marathon Asset Management. The board previously committed $200 million to Marathon European Credit Fund I.
Also, the committee earmarked $100 million to BlackRock/ERB Tactical Opportunities Fund I, a private equity co-investment fund. The board had committed $100 million each to two prior BlackRock co-investment funds. And the committee committed $40 million to private equity fund Bain Capital Fund XI, the pension fund's first investment with Bain Capital.
Separately, the committee discontinued the board's commission recapture contract with State Street Corp. “because of industry changes and changes in our manager lineup, the program was generating only a few hundred dollars per month,” Mr. Jacksha wrote.