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LP Scorecard: New Mexico ERB reaps a quarter billion in 12 months

  • Assets under management: $12.8 billion
  • Target allocation to PE/VC: 13%
  • Actual allocation to PE/VC: 12%
  • Who to contact for a meeting: CIO Bob Jacksha can be reached at Bob.Jacksha@state.nm.us
  • What’s new: NMERB brought in $248.2 million in distributions over a one-year period, according to an analysis by Buyouts.

Over a year, New Mexico Educational Retirement Board brought in about $248.2 million in distributions led by Clayton, Dubilier & RiceComVest Partners and Ares Management.

From the start of Q4 2016 to the end of Q3 2017, a pair of 2007 vintages led the way for the pension. Clayton, Dubilier & Rice’s eighth flagship fund and ComVest’s third each accounted for $16.7 million in distributions. Not far behind, Ares’ fourth Corporate Opportunities Fund churned out just under $15.6 million.

As distribution percentage goes, (cash out within the 12 months divided by overall cash in), Centre Lane Partners finished first. CLP’s 2014 vehicle received its first wave of returns and posted a 105.9 percent distribution. New Mexico ERB lists its IRR at 203.9 percent — the highest in its entire portfolio.

The aforementioned ComVest Investment Partners III and Ares Corporate Opportunities Fund IV were next up. ComVest generated a 62.3 distribution percentage while Ares had a distribution of 45 percent.

Overall, the portfolio’s distribution percentage from Oct. 1, 2016, to Sept. 30, 2017, was 13 percent.

All told, New Mexico ERB’s alternative-investment portfolio has about $3.2 billion committed to 75 active funds. Those active funds have combined for $1.9 billion drawn down, with $1.4 billion cashed out as of Sept. 30, 2017.

Download the LP Scorecard table as a spreadsheet here: LP Scorecard Table.

Action Item: Download NMERB’s private equity investment policy here: https://www.nmerb.org/pdfs/privateequitypolicy.pdf.