New Mexico SIC Invests in Life Sciences Fund
The $54 billion New Mexico State Investment Council, the sovereign wealth fund for the state of New Mexico, has approved the inclusion of a life sciences private equity fund and an asset-based finance evergreen fund in its expanding portfolio.
Frazier Life Sciences Public Fund and Frazier Life Sciences Public Overage Fund have been added to the $4.2 billion private equity initiative, with a total mandate of $50 million. Frazier Life Sciences Management’s approach is to invest in companies that discover, develop, and commercialize biopharmaceuticals.
The main evergreen fund employs a hybrid structure aimed to balance volatility and liquidity in small- and mid-cap (“SMID-cap”) biotech with venture capital due diligence. The FLS Public Overage Fund is a drawdown fund that focuses on high conviction opportunities.
The second investment was $200 million to the AB CarVal ABF fund. The evergreen strategy focuses on specialty finance opportunities, such as directly originated and privately negotiated credit investments backed by pools of performing financial assets and asset-backed loans.