New Mexico State Investment Council, Santa Fe, on Sept. 26 hired AllianceBernstein to manage a new short-duration high-yield portfolio following an RFP.
Council officials are not disclosing the size of the investment. The size of the investment is expected to vary over time relative to fund cash flows, macroeconomic events and other factors, with an initial size of several hundred million dollars, spokesman Charles Wollmann said. The RFP said the allocation could be between $200 million and $500 million, which may be drawn down to $100 million or rise to about $2 billion at any time. The RFP was issued July 5.
In other action, the council committed up to $683 million to alternative investment strategies.
Council officials committed up $150 million to Copenhagen Infrastructure V, a value-added infrastructure fund focused on renewable power and energy transition, and up to $38 million to a co-investment vehicle managed by Copenhagen Infrastructure Partners.
The council also committed up to $100 million to IPI Partners III, a real estate fund that acquires and operates core-plus, value-added and build-to-suit data centers, and up to $50 million to a co-investment vehicle. Both are managed by IPI Partners, a joint venture between real assets firm Iron Point Partners and ICONIQ Capital, Mark Zuckerberg's family office.
The council also committed up to $100 million Alterra IOS Venture III, a real estate fund with a value-added approach to industrial outdoor storage properties, and up to $25 million to a co-investment vehicle managed by Alterra Property Group. The council committed up to $100 million to KKR Real Estate Partners Americas IV, an opportunistic real estate fund managed by KKR & Co.
The council also committed up to $50 million to Arctos Keystone Partners Fund I, a private equity fund primarily focusing on making minority and noncontrolling investments in alternative asset managers, their funds and individual assets. The fund is managed by new private equity firm Arctos Partners.
Council officials committed up to $50 million to TCG Labs Fund I, a venture capital fund managed by The Column Group that invests in U.S. healthcare, life sciences, oncology and technology-based companies.
The council on behalf of its New Mexico private equity program committed up to $20 million to One Ventures II, an early stage venture capital fund managed by At One Ventures.
Separately, the council appointed two officials to jointly fill the role of interim state investment officer — for the investment portion of the duties, Robert "Vince" Smith, who is currently chief investment officer and deputy state investment officer, and for the operations part of the role, Wollmann, who is currently director of communications and legislative affairs. They replace Steven K. Moise, who will retire Sept. 29 after serving as state investment officer for 14 years during which time the endowments' assets grew to $46.6 billion from $14 billion.