New Mexico SIC Approves $320M to Five PE Funds
The New Mexico State Investment Council (SIC) has approved $320 million in allocations across five private equity funds, targeting diverse investment opportunities including private companies in India, life sciences, and U.S.-focused strategies.
SIC approved a $40 million allocation to Bessemer Venture Partners India II Institutional, marking Bessemer Venture Partners as a new manager in the program. This fund is the second vintage in Bessemer’s India fund series, focusing exclusively on early-stage technology companies in India.
A $50 million commitment was made to Frazier Life Sciences XII, an early-stage venture capital fund focused on investing in and creating biopharmaceutical companies. This marks SIC’s continued partnership with Frazier Life Sciences, following a previous commitment to the Frazier Life Sciences Public Fund in June 2024.
SIC approved a $30 million commitment to 776, a venture capital firm founded by Reddit co-founder Alexis Ohanian, focusing on early stage investing. The investment is split between 776 Fund III and 776 Arete Fund II
A $100 million commitment was approved for Stellex Capital Partners III, a fund that has also received commitments from institutions like the Indiana Public Retirement System. Additionally, SIC committed $50 million to a related co-investment vehicle. Stellex Capital Management specializes in aerospace, defense, and government services
SIC pledged $50 million to Longshore Capital Fund II, a lower middle-market buyout fund focused on control investments in business services companies across North America. Longshore Capital is targeting a $275 million fundraise for its second fund
SIC currently manages $4.4 billion within its private equity program but aims to increase its allocation to 15% of total assets, which would amount to approximately $9 billion in the long term. Over the one-year period ending November 30, 2024, SIC’s private equity investments returned 4.17%.