New Mexico Educational Retirement Board committed $190 million to funds from Banner Ridge Partners and Zelnick Media Capital at its August meeting, Chief Investment Officer Bob Jacksha said.
The system committed $100 million to Banner Ridge Secondary Fund III, targeting $350 million, according to Secondaries Investor. Banner Ridge buys fund stakes managed by general partners who focus on distressed, special situations and credit investments, according to Secondaries Investor.
New Mexico ERB also committed $40 million to Banner Ridge’s DSCO Fund I, a secondary distressed fund. Target information was not available.
The board pledged $50 million to Zelnick Media Capital’s third fund, targeting $750 million, according to Private Equity International. ZMC III focuses on the TMT sector in North America.
The board’s private equity allocation sits at 15.2 percent, exceeding its 13 percent target, Jacksha told Active LPs.