New Mexico State Investment Council, Santa Fe, committed up to $140 million to private equity, said Charles Wollmann, spokesman for the $20.8 billion endowments.
The council committed up to $100 million to Landmark Equity Partners XVI, a fund managed by Landmark Partners that will invest on the private equity secondary market. The commitment to Landmark's latest fund is the fifth commitment from the council's 2016 target private equity allocation of $550 million to $650 million. The council has invested with Landmark Partners in the past; it committed $20 million to Landmark Equity Partners XI and $100 million to Landmark Equity Partners XV. Private equity consultant Pavilion Alternatives Group assisted.
Separately, the council committed $40 million to its New Mexico co-investment fund managed by Sun Mountain Capital. The council last made a $40 million commitment to the fund, which makes private equity co-investments in companies based in New Mexico, in March 2014. The fund has invested $115.5 million since inception in 2004.
In other news, Greg Kulka, director of private equity at the council, announced he will be retiring in the early part of 2017, Mr. Wollmann said. The council is searching for a replacement to lead the investment of its $1.5 billion private equity portfolio. Council executives do not plan to hire an outside search firm. Further information is located on the endowments' website.