New Mexico Educational Retirement Board, Santa Fe, committed $70 million to AE Industrial Partners Extended Value Fund, said Bob Jacksha, CIO of the $14.2 billion pension fund.
The private equity fund focuses on aerospace and related industries.
The board also made a total of $35 million in follow-on commitments to private equity funds in which the pension fund is already invested. The board committed an additional $15 million to SV Health Growth Fund VII, a specialist health-care fund managed by SV Health Investors. The board had previously committed $35 million to the fund.
Pension officials also committed another $10 million each to B Capital Opportunities Fund I, a venture capital fund managed by B Capital Group; and Tenex Capital Partners III, a private equity fund managed by Tenex Capital Management. The board's previous commitment to the B Capital fund was $30 million and to the Tenex fund, $50 million.
The board has invested in prior funds with all four general partners in the past.
Separately, pension fund officials reported net investment returns for periods ended Dec. 31: 6.8% for one year, 7% for three years, 8.6% for five years, 7.7% for 10 years and 6% for 20 years. By comparison, the pension fund's policy index return was 10% for one year, 8.1% for three years, 9.5% for five years, 7.7% for 10 years and 6.1% for 20 years. Multiyear returns are annualized.