New Mexico State Investment Council, Santa Fe, hired four managers to run a portion of its $9.6 billion non-U.S. equity portfolio, said Charles Wollmann, spokesman for the $60.4 billion sovereign wealth fund.
Brandes Investment Partners is managing 7.5% of the non-U.S. equity portfolio in large-cap passive international value equities; Hardman Johnston Global Advisors is managing 7.5% in active non-U.S. large-cap growth equities, C Worldwide Asset Management is running 7.5% in active international large-cap growth equities; and Cedar Street Partners is managing 7.5% in passive international smidcap value equity.
The council could approve a second slate of managers for the international equity portfolio at its Feb. 25 meeting.
An RFP was issued in June. The council decided to launch the search after conducting a international equity structure study in which the council decided to make changes that included broadening the smidcap portfolio from one core passive strategy to include active value, growth and core strategies, and expanding the roster of large-cap international equity managers to reduce concentration risk and increase tactical flexibility.
Separately, the council also invested $500 million to Brown Brothers Harriman & Co. for a liquid multiasset class fixed-income portfolio following an RFP issued in September.
The council also made commitments to private markets funds. The council committed $100 million to Stellex Capital Partners III, a middle-market buyout fund investing in North America and Europe and a $50 million co-investment sidecar, both managed by Stellex Capital Management. The council committed up to $50 million each to Longshore Capital Fund II, a North American lower-middle-market buyout fund, managed by Longshore Capital Partners, and Frazier Life Sciences XII, an early stage biopharmaceutical venture capital fund. It also committed up to $40 million Bessemer Venture Partners India II, an early stage venture capital fund focused on India managed by Bessemer Venture Partners.
