New Mexico SIC Commits $150M to Infrastructure Debt Fund

The $44 billion New Mexico State Investment Council approved a follow-on investment in an infrastructure debt fund – Newmarket International Infrastructure Finance Company IV – totaling $150 million. New Mexico committed the same amount to Newmarket’s Fund III in 2021.

Newmarket Investment Management spun out of Mariner in 2013, with a focus on regulatory capital risk-transfer market and has invested in transactions referencing over $35 billion of collateral value.

Like private equity, the State Investment Council (SIC) is also underweight private credit in the portfolio with a 10.5% exposure in the investment program with a 15% target allocation.

Separately, three venture capital firms were hired. A $40 million commitment was approved for Antler Global’s Antler U.S. Fund II, a pre-seed venture fund; a $10 million allocation was made to Thayer Ventures’ Thayer Ventures IV, an early-stage fund that invests in hospitality tech companies and travel and transportation sectors; and a $20 million commitment was made to Tramway Ventures’ Tramway Ventures III, a fund that invests in seed and early-stage investments in med-tech, biotech and health-tech companies.