New Mexico State Investment Council, Santa Fe, on Tuesday committed up to $375 million to five alternative investment funds, said Charles Wollmann, spokesman for the $27.7 billion endowments.
The council committed up to $100 million each to Exeter Europe Logistics Value Fund IV, a value-added real estate strategy focused on European logistic investments that is managed by Exeter Property Group, and ICG Senior Debt Partners IV, a direct lending strategy managed by Intermediate Capital Group that focuses on European middle-market loans .
The SIC also committed up to $75 million each to AEW Partners Real Estate Fund IX, a real estate fund managed by AEW Capital Management that focuses on diversified North American opportunistic investments, and KKR Asian Fund IV, a pan-Asia private equity fund managed by KKR & Co.
The council also committed up to $25 million to Scale Venture Partners VII, a venture capital fund that invests in enterprise software.
Separately, at its November meeting, the council is expected to invite the Private Equity Stakeholder Project to discuss private equity manager Leonard Green & Partners' investment in Prospect Medical Holdings. The non-profit claims the hospital system serving mainly low-income patients produced about $658 million in dividends for the firm and its investors despite poor quality ratings and declining finances.
The council committed $30 million to the fund in 2007, which has had about a 21% internal rate of return and a 2.66 times multiple, according to a recent investment performance report.