New Mexico Educational Retirement Board, Santa Fe, committed $100 million to BlueBay Direct Lending Fund III, managed by BlueBay Asset Management, said Bob Jacksha, chief investment officer for the $12.6 billion pension fund, in an email.
This is the board's first commitment to a BlueBay fund. The pension fund has an 18% allocation to credit strategies.
Separately, the board extended its contracts with opportunistic credit hedge funds Beach Point Capital Management and ICE Canyon. Beach Point manages a $576 million portfolio and ICE Canyon, $73 million. The pension fund's investment policy requires the board to reconsider the investments every four years.