New Mexico State Investment Council, Santa Fe, committed an initial $125 million to two alternative investment funds, Charles Wollmann, spokesman for the $23.1 billion endowment, said in an email.
The council, at its June 26 meeting, committed $75 million to growth equity fund JMI Equity Fund IX. The new fund, managed by JMI Equity, will focus on growing software companies in North America with revenues greater than $10 million. It is to invest in 20 to 25 businesses and has a $1.25 billion fundraising target.
The council made a $50 million commitment to JMI Equity Fund VIII.
The council also committed $50 million to Blackstone Energy Partners III, but authorized staff to double that amount to $100 million pending a pacing analysis and fund capacity. Blackstone Group executives plan to make 12 to 25 investments, largely upstream and power investments, with two-thirds in North America and the remainder in other parts of the world. The fund has a $4.5 billion fundraising target. The council has invested with Blackstone in the past, including $100 million to Blackstone Infrastructure Partners and $50 million to Blackstone Energy Partners II.