New Mexico Public Employees Retirement Association, Santa Fe, on Thursday hired two managers for a $365 million multistrategy credit portfolio and committed up to $30 million in private equity, said Jonathan Grabel, chief investment officer of the $14.5 billion pension fund.
All of the commitments are subject to due diligence and contract negotiations, he said.
The board is investing $310 million to hedge fund manager BlueMountain Capital Management for what it expects to be a single investor portfolio such as a separate account. This is the pension fund's first investment with BlueMountain. The board is also investing $55 million in CVC Credit Partners's hedge fund CVC Global Credit Opportunities Fund. New Mexico PERA has made commitments to CVC's private equity funds.
The pension fund had launched an RFP for multistrategy credit managers on May 8. It is a new allocation.
New Mexico PERA also committed up to $30 million to Century Focused Fund IV, managed by Century Capital Management. The fund is expected to make buyout capital and growth equity investments to lower middle-market financial services, insurance and health-care services companies. This is the pension fund's first commitment to Century Capital.