New Mexico Educational Retirement Board, Santa Fe, committed $325 million to five alternative investment managers and an additional $100 million to two existing alternative investment managers, Bob Jacksha, CIO of the $13.3 billion pension fund, said in an email.
At its April 16 meeting, the investment committee committed $100 million to direct lending fund Vista Credit Partners Fund III, a private credit/special situations fund managed by Vista Equity Partners; $75 million to distressed credit fund Beach Point Tactical Fund managed by Beach Point Capital Partners; $50 million to Stonepeak Infrastructure IV managed by Stonepeak Infrastructure Partners; $50 million to distressed and buyout fund Ares Corporate Opportunities Fund VI managed by Ares Management Corp.; and $50 million to growth equity fund Lightyear Fund V managed by Lightyear Capital.
Pension fund officials also committed an additional $40 million to a secondary distressed debt fund, Banner Ridge DSCO Fund managed by Banner Ridge Partners. Pension fund officials originally committed $40 million to the fund in August.
They also committed an additional $60 million to credit long-short hedge fund Orchard Liquid Credit managed by Orchard Global Asset Management. Pension officials had $40 million invested in the fund.
Separately, the board lowered its investment assumption to 7% from 7.25%, as part of an experience study conducted by Gabriel, Roeder, Smith & Co.
The board also extended its custody contract with State Street Corp. for two years to June 30, 2022.
