New Mexico Educational Retirement Board, Santa Fe, committed a total of $450 million to six new and existing alternative investment strategies, said Bob Jacksha, CIO of the $16.3 billion pension plan, in an email.
The pension fund committed $100 million to Lyric Capital Royalty Fund II, a music royalty fund managed by private equity firm Lyric Capital Group, a new relationship.
The board committed an additional $100 million to Orchard Global Asset Management for a multiasset separately managed account and gave staff discretion to commit another tranche of $100 million in 2023. The board had previously committed $50 million in 2020 and an additional $50 million in 2021. And it committed an additional $100 million to Raith NMERB Core-Plus Separately Managed Account, which acquires and originates real estate debt and is managed by Raith Capital Partners. The pension fund originally committed $50 million to the separate account in 2020 and made another $50 million commitment earlier this year.
New Mexico ERB also committed $50 million each to BVP Forge Fund I, a buyout fund managed by Bessemer Venture Partners; NOVA Infrastructure Fund I, a middle-market infrastructure fund; and $50 million to Crow Holdings Realty Partners X, an opportunistic real estate fund managed by existing manager Crow Holdings Capital. Bessemer and NOVA are new relationships for the pension fund.
