New Mexico State Investment Council, Santa Fe, committed a total of $340 million to four alternative investment funds, said Charles Wollmann, spokesman for the $33 billion endowments, in an email.
The council at its Tuesday meeting committed $100 million each to Carlyle Realty Partners IX, an opportunistic real estate fund managed by The Carlyle Group; PIMCO BRAVO IV, a special situations fund managed by Pacific Investment Management Co.; and Strategic Value Special Situations Fund V, a distressed fund managed by Strategic Value Partners.
The council also committed $40 million to ICONIQ Strategic Partners VI, a technology growth equity fund managed by ICONIQ Capital.
The council has invested with Carlyle Group and PIMCO in the past. Strategic Value Partners and ICONIQ are new relationships.
The council also approved a full redemption from the Angelo Gordon Rio Grande Flexible Multi Credit strategy. The credit strategy over time invested mainly in commercial mortgage-backed securities and residential mortgage-backed securities. The portfolio earned an annual return of 1.8% from its 2013 inception through January, according to a staff report to the council. Staff recommended the redemption because it holds the security types with other managers and "we believe higher quality opportunities exist."
As of Feb. 28, the portfolio held $137 million.
Angelo Gordon declined to comment on the redemption, according to spokeswoman Stephanie Barry.
Separately, the council approved terminating its bank loan strategy, which it had reduced in recent years, Mr. Wollmann said. The portfolio is now valued at about $117 million, split between Credit Suisse Asset Management managing $64 million and Voya Investment Management running $53 million.
The council's general investment consultant, RVK, recommended the termination because the "overall market environment has reduced the attractiveness of bank loans" relative to other segments of the fixed-income market, a memo to the council said.
