New Mexico ERB backs Raine Group’s third fund

New Mexico Educational Retirement Board at its April meeting committed $40 million to a Raine Group growth equity fund, Bob Jacksha, the system’s chief investment officer, told Buyouts.

Raine Partners III focuses on entertainment, gaming, sports, lifestyle and digital media and internet companies in North America.

Raine Group’s third fund received a $75 million commitment from New York City Pension Plans in the third quarter of 2018, Buyouts previously reported.

The fund raised $653.1 million, according to an SEC filing. Target size was not available.

“Raine has performed well and we were impressed with their methodology and their talented team,” Jacksha told Buyouts in an email.

New Mexico reached its 13 percent target allocation for private equity, per the system’s 2018 Comprehensive Annual financial Report.