New Mexico State Investment Council, Santa Fe, committed up to $350 million to four alternative investment funds, said Charles Wollmann, director of communications for legislative and client relations, in an email.
The council, which oversees $25.4 billion in endowments, on Tuesday committed up to $100 million to IPI Partners II, an infrastructure fund investing in data centers managed by IPI Partners, a joint venture by ICONIQ Capital and Iron Point Partners. The commitment consists of up to $75 million to the fund and a $25 million co-investment. Real asset consultant Townsend Group and private equity consultant Mercer assisted. It is the council's first commitment to IPI Partners.
The council made another commitment of up to $100 million to One William Street Credit Opportunity Fund, a structured credit fund investing in, among other investments, residential and commercial mortgage-backed securities, consumer and commercial asset-backed securities, collateralized debt and direct lending. The fund is managed by One William Street Capital Management. Absolute-return consultant Aksia advised.
The council committed up to $75 million to New Mountain Partners VI, a buyout fund investing mostly in North America managed by New Mountain Capital. The council has invested in prior New Mountain funds. Mercer advised.
The council also committed up to $75 million to Linden Investors, a convertible arbitrage fund focused primarily on volatility-based arbitrage and credit event-driven trades, managed by Linden Advisors, a new relationship. Aksia assisted.
Separately, the council rehired Parametric Portfolio Associates for derivative overlay services to assist with portfolio rebalancing and asset class exposure management. Parametric had provided those services in the past but council officials let the contract lapse because they weren't using the services as frequently as they had planned in the recent long-running bull market, according to a staff memo to the council.
"With the recent volatility in the markets expected to last for some time into the future, we recommend re-securing services from Parametric in this area," the memo said.