Key Takeaways
- • The New Mexico State Investment Council committed more than $1 billion to alternatives at its October 27 investment committee meeting, according to the publisher summary.
- • Copenhagen Infrastructure Partners Fund VI received $350 million in total: a $225 million reallocation and a $125 million co-investment in a renewable energy infrastructure fund.
- • Real estate allocations totaled $350 million, including $200 million to EQT Exeter Industrial Value Fund VII and $150 million to FPA Multifamily Blue Chip Secure Value Fund VII.
- • Arcmont Capital Solutions Fund III received a $150 million commitment, establishing a new relationship for the council in European direct lending.
- • Lightspeed Venture Partners' AI Renaissance Fund received $100 million plus a $20 million co-investment, and Advent International's Mid-Market Private Equity fund received $100 million under a relationship dating to 2019.
Summary
The New Mexico State Investment Council, which oversees a $74.9 billion sovereign wealth fund based in Santa Fe, approved more than $1 billion in commitments to alternatives at its October 27 investment committee meeting. The board of trustees approved commitments across real assets, real estate, private credit and private equity.
In real assets, the council approved a $225 million reallocation and a $125 million co-investment to Copenhagen Infrastructure Partners Fund VI, a renewable energy infrastructure fund. The council's previous commitment to the manager was $325 million to a prior vintage. In real estate, the council approved a $200 million reallocation to the EQT Exeter Industrial Value Fund VII, a value-added industrial fund, following $365 million committed across six prior vintages. It also approved a $150 million reallocation to the FPA Multifamily Blue Chip Secure Value Fund VII, which targets U.S. multifamily properties. Prior council commitments to FPA total $400 million across three funds.
In private credit, the council approved a $150 million commitment to Arcmont Capital Solutions Fund III, a European-focused direct lending fund. The relationship is new for the council. In private equity, the council committed $100 million to Advent International's Mid-Market Private Equity fund, a mid-size buyout strategy. The council describes this as a new fund line within an existing relationship that dates to 2019. The council also approved a $100 million allocation and a $20 million co-investment to the Lightspeed Venture Partners AI Renaissance Fund. This is a new fund line with an existing manager, as the council previously committed $180 million across Lightspeed venture funds.
The approved commitments total roughly $1.07 billion across eight line items.
In real assets, the council approved a $225 million reallocation and a $125 million co-investment to Copenhagen Infrastructure Partners Fund VI, a renewable energy infrastructure fund. The council's previous commitment to the manager was $325 million to a prior vintage. In real estate, the council approved a $200 million reallocation to the EQT Exeter Industrial Value Fund VII, a value-added industrial fund, following $365 million committed across six prior vintages. It also approved a $150 million reallocation to the FPA Multifamily Blue Chip Secure Value Fund VII, which targets U.S. multifamily properties. Prior council commitments to FPA total $400 million across three funds.
In private credit, the council approved a $150 million commitment to Arcmont Capital Solutions Fund III, a European-focused direct lending fund. The relationship is new for the council. In private equity, the council committed $100 million to Advent International's Mid-Market Private Equity fund, a mid-size buyout strategy. The council describes this as a new fund line within an existing relationship that dates to 2019. The council also approved a $100 million allocation and a $20 million co-investment to the Lightspeed Venture Partners AI Renaissance Fund. This is a new fund line with an existing manager, as the council previously committed $180 million across Lightspeed venture funds.
The approved commitments total roughly $1.07 billion across eight line items.
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