New Mexico SIC Adds $350M to Real Estate Strategy

The New Mexico State Investment Council continued to add to its private debt, real estate and private equity portfolios at its meeting last week.

A $150 million commitment to Orchard Global Asset Management’s Orchard EleganTree Opportunities Master Fund III was made from the $4.6 billion private debt portfolio.

Two commitments were made to Fairfield Residential’s most recent offering in the $3.6 billion real return program. The Fairfield US Multifamily Value-Add Fund IV received a $200 million investment to pursue a strategy that targets property markets that are distinguished by significant disparities between the rents of B/C (aged properties) and A (newer properties), investment council said. A new program for Fairfield, a related co-investment vehicle, received a $100 million allocation.

Within private equity, trustees approved commitments to four funds in building up SIC’s existing $4.8 billion portfolio. Funds added were: TCG Labs Opportunity I ($50 million); Antler U.S. New Mexico ($15 million); Anzu North America Tech Leaders Fund ($20 million); and Builders VC Fund III ($65 million).

The $58 billion fund is still below its long-term targets to private market strategies, which combined have a 15% allocation target and comprise only 7.9% of the current investment portfolio.