New Mexico State Investment Council, Santa Fe, on Tuesday approved a total of up to $220 million in commitments to four alternative investment funds.
The council, which oversees $44.1 billion in endowments, committed up to $150 million to International Infrastructure Finance Company IV, a private credit fund managed by Newmarket Investment Management. The fund would invest in significant risk transfer, which is a form of loss insurance on a pool of loans for banks with a focus on infrastructure loans.
The council also made three fund commitments for its New Mexico private equity program totaling up to $70 million. The council committed up to $40 million to Antler U.S. Fund II, a preseed venture capital fund. The fund is associated with global startup accelerator Antler Global that is seeking to invest in about 225 early stage, technology-enabled companies across the U.S. The commitment is the New Mexico program's first commitment to a fund managed by Antler.
The council also committed up to $20 million to Tramway Venture Partners III, an early stage venture capital fund based in Albuquerque, N.M., with a focus on early stage medical technology, biotech and health-tech companies focused on frontier technologies developed in the Southwest region of the U.S. The council also committed up to $10 million to Thayer Ventures IV, an early stage venture capital fund that will invest in travel and transportation technology companies.
The council has invested with Newmarket, Tramway and Thayer in the past.
Separately, the council increased the potential commitment sizes that its in-state private equity program allocates to emerging managers. The council may now commit up to the $10 million for the first commitment to a new manager's fund, an increase from $5 million, and up to $20 million for fund commitments thereafter, up from $10 million. Tramway and Thayer are emerging managers.
