By Mario Marroquin
The $35.5 billion AUM State of New Mexico Investment Council
voted to commit resources to funds in venture capital, US industrial real
estate and distressed opportunities in Europe this week.
Members of the investment council voted unanimously to deploy
a total of $177.5 million towards funds by EQT Exeter, TDR and Scale Ventures.
The three commitments approved by the council are:
- Up to $100 million to EQT Exeter Industrial
Value Fund VI - Up to $52.5 million to TDR Fund V
- Up to $25 million to Scale Ventures VIII
Meeting materials from SIC said 16 other commitments
exceeding $1.3 billion have been made since January 25. Private equity, real
estate and fixed income funds have been the target asset types for SIC this
year.
Despite low cap rates and rising interest rates, US
industrial real estate continues to attract capital from public pension funds.
Markets Group reported in May that the Tennessee Consolidated Retirement System
approved a $100 million towards an industrial fund by EQT Exeter.
The Maryland State Retirement & Pension System was
reported to have increased its exposure towards Rexford Industrial this month.
Pennsylvania Public School Employees’ Retirement System approved a $100 million
commitment towards an industrial fund by EQT Exeter in March.
According to a performance report from April, the New Mexico
State Investment Council has seen a calendar year to date return of -5.5%
across its entire portfolio.
Charles Wollmann, the Director of Communications,
Legislative and Client Relations at the investment council said Western New
Mexico University and the North Central Regional Transit District will both
begin to invest alongside SIC this year and in fiscal year 2023 respectively.
Members of the investment council also voted unanimously to
terminate Franklin Resources from its role as a public equity manager to the
council and to redistribute its assets to AllianceBernstein.