New Mexico Educational Retirement Board, Santa Fe, committed a combined $70 million to two private equity funds, said Bob Jacksha, CIO of the $13.3 billion pension fund, in an email.
The pension fund committed $50 million to Bain Capital Fund XIII, a North American global buyout fund, and $20 million to Edison VII Acquisition Fund. The acquisition fund was created by growth equity firm Edison Partners to acquire and continue investing in the portfolio companies remaining in Edison Venture Fund VII, a $249 million venture capital fund that closed in 2012. Investors in Edison Venture Fund VII were given the choice of cashing out or investing in the new fund. ERB originally committed $30 million to Edison Venture Fund VII in 2010.
Separately, the pension fund committed an additional $25 million to ILS Capital Management's 1609 Reinsurance Fund, an open-end fund investing in collateralized reinsurance contracts. Pension fund officials had already committed $125 million to the fund.
Also, the board at its Oct. 16 meeting directed the staff to amend its investment policies to require divestment from private prison stocks. The pension fund currently invests in GEO Group as part of its $374 million S&P 400 index portfolio. GEO Group stock makes up 0.08% of the index.
Since the existing polices do not yet have that divestment language, the pension fund will continue to hold the stock until the board approves the amendments, Mr. Jacksha said.