New Mexico SIC Commits $415M Across Credit, Venture and Buyouts
The New Mexico State Investment Council (SIC) approved $415 million in new commitments at its February board meeting, reinforcing allocations to credit, venture capital and middle-market buyouts.
The largest commitment, $300 million, went to Neuberger Berman Eagle Fund, an evergreen senior secured loan strategy that complements SIC’s existing $6 billion credit program. NB Eagle targets sponsor-backed core middle-market companies with $25 million to over $100 million in EBITDA, with most portfolio companies expected to be headquartered or operating in North America.
Private debt remains a strong performer for SIC, posting a 10.5% one-year IRR for the period ending September 30, 2025. The program saw $1.7 billion in commitments across nine funds and fund-of-ones in 2025.
Within the New Mexico Strategic Venture Capital Program, SIC approved a $15 million commitment to Acequia Capital, split between $9 million to Acequia Capital Origin and $6 million to the Acequia Capital Origin SBIC Fund. The restructuring allows participation in the federal Small Business Investment Company Critical Technology program and access to non-dilutive capital.
Trustees also committed $100 million to Kinderhook Strategic Opportunities Fund I, a buyout vehicle from existing manager Kinderhook Industries. SIC previously invested $100 million in Kinderhook Capital Fund 8 in January 2024.