The New Mexico State Investment Council disclosed six commitments to alternative asset strategies totalling $290M in meeting materials from its October 29 investment committee meeting.
The largest single commitment was $200M to Fairfield US Multifamily Value-Add Fund IV (Fund IV), a recently formed real estate value add fund strategy created by Fairfield Residential Holdings LLC. Fund IV is the next vehicle in a series of closed-end real estate funds for value-add multifamily investments in the US. The fund will focus on acquisitions of B- and C-class assets over a 10-year term.
The second largest investment was $150M to Orchard EleganTree Opportunities Fund III Master Fund (ET III). ET III is managed by Orchard Global Asset Management, an alternative asset manager that focuses on providing lending and risk-transfer solutions across various private and public markets. Transactions will be focused on capital lending and capital relief SRT transactions.
The pension also allocated $50M to TCG Labs Opportunity I, a venture capital fund strategy managed by The Column Group (TCG). The fund is designed to support later stage investments in TCG Labs fund series portfolio companies by utilizing a single research and development organization, streamlining the process and operational challenges involved in early phases of biotech drug development.
$15M was allocated to Antler US New Mexico, a seed venture capital fund associated with Antler Global, a global startup accelerator. Antler New Mexico will be a SMA that invests in companies coming out of Antler’s pre-seed startup programs to relocate them to New Mexico. Its goal is to increase the number and quality of pre-seed and seed-stage companies located in New Mexico.
NMSIC also allocated $20M to Anzu North America Tech Leaders Fund, a venture capital fund set to provide follow-on capital for high potential Anzu portfolio companies. Anzu Tech Leaders will also pursue new later-stage investment opportunities in life sciences, hardware, manufacturing systems, materials, and software. Anzu is an existing relationship for the pension.
Lastly, a re-vote was held on the September meeting’s motion to commit $65M to Builders VC Fund III. Discussion focused on staff’s belief that there are entrepreneurial opportunities within other sectors, including select software-driven businesses and media and entertainment technology. In the end, a $60M commitment to the fund was approved.
According to Dakota data, the New Mexico SIC has $56B in managed assets.
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