New Mexico State Investment Council, Santa Fe, made a $50 million co-investment commitment to BlackRock Global Energy & Power Infrastructure Fund III, Charles Wollmann, spokesman for the $24.9 billion endowment, said in an email.
The council's co-investment would be allocated at BlackRock's discretion, with parameters set by the council. Parameters could include a $10 million maximum commitment per transaction, with a focus on North American midstream deals. NM SIC made a $100 million commitment to the fund in October.
As of May 2019, GEPIF III had raised more than $3 billion in total commitments; the fund has a $3.5 billion target and a $4.5 billion hard cap. BlackRock expects to hold a final close in the next four to six months.
Separately, the council is seeking a $50 million partial redemption from timber manager RMS Evergreen's open-end fund RMS Evergreen U.S. Forestland Fund. The net asset value of the council's investment was $127.7 million as of Dec. 31. The council committed $125 million to RMS Evergreen in March 2016, with all capital called the same month. The council is seeking the redemption to bring it in line with a lower timber suballocation, 20% down from 40% of the council's $2.5 billion real assets portfolio.
The council also renewed William Blair's contract to manage a $352 million emerging markets equity portfolio for one year ending June 30, 2020, pending a non-U.S. equity portfolio structure analysis.
Also, the council renewed Townsend Group's contract as its investment consultant for its real estate and real-return portfolios for four years ending August 2023.