New Mexico State Investment Council, Santa Fe, committed a combined total of up to $460 million to six alternative investment funds, said Charles Wollmann, spokesman for the $36.4 billion endowment funds.
The council also set a pacing plan for $900 million in 2022 to non-core fixed income, which includes private credit. The planned total commitment includes a $250 million allocation to a direct lending separately managed account, according to the pacing plan developed by council's alternative investment consultant, Aksia. The endowment funds' non-core fixed-income target allocation is 15.2%. It has $3.7 billion invested in the asset class.
For the current commitments, the endowments allocated $150 million to ACORE Credit Partners II, a real estate debt fund managed by ACORE Capital; $100 million to EQT Exeter Industrial Core Plus Fund IV, an industrial real estate fund managed; and $75 million to Blackstone Real Estate Partners Asia III, a real estate fund that invests in properties, including logistics, high-tech office and rental housing in the Asia-Pacific region.
The council also committed up to $75 million to Advent International GPE X, a global buyout fund that will invest in control-oriented buyouts and recapitalizations primarily in Europe and North America, increasingly in Asia and selectively in Latin America.
Council officials also committed a total of $60 million to two venture capital funds managed by CRV: $35 million to early stage venture capital fund CRV XIX and $25 million to early stage growth fund CRV Select Fund II.
