New Mexico Educational Retirement Board, Santa Fe, committed $175 million to two alternative investment managers, said Bob Jacksha, chief investment officer, in an email.
The board committed $125 million to Orchard Global Asset Management to be invested in some combination of the firm's liquid credit fund, Orchard Liquid Credit Fund, and the Olea fund, also a structured credit fund. The exact allocation between the two funds has not yet been determined, Mr. Jacksha said. The $12.9 billion pension fund has invested previously with Orchard Global Asset Management.
Separately, the pension fund committed $50 million to TPG Real Estate Partners III to invest in real estate platforms and operating companies. New Mexico Educational has invested with TPG in the past, including a $100 million commitment to private equity fund TPG Growth III in 2015.
The investment committee also recommended the board approve a revised investment policy statement with mainly minor changes, including lengthening the asset allocation study schedule to every three years from every two years.