New Mexico Educational Retirement Board at its November meeting backed a fund from AE Industrial Partners and a co-investment vehicle from Cloverlay, the system’s Chief Investment Officer, Bob Jacksha, told Buyouts in an email.
The system committed $150 million to AE Industrial Aerospace Aggregator fund, which focuses on manufacturing, industrials, business services and transportation in the aerospace industry. Target size wasn’t available.
AE Industrial Partners did not respond to a request for comment.
New Mexico ERB previously invested in AE Industrials Partners Fund I and Fund II. AE Industrial Partners Fund I closed with $680 million in 2016 and Fund II closed with $1.36 billion in 2018, according to press releases on the AE Industrial website.
The system also committed $150 million to Cloverlay’s co-investment separately managed account. Cloverlay makes investments outside the traditional scope of private equity.
Cloverlay partners with experts in the transportation, energy, resource, royalty, distressed and financial industries in North America.“Our approach combines co-investments, platforms, joint ventures, fund restructurings and secondaries with short-dated primary funds,” according to its website.
Cloverlay did not respond to a request for comment.
New Mexico revised its private equity target allocation to 15 percent from 13 percent this year, according to Jacksha. Private equity makes up 14.8 percent of the system’s portfolio, according to PEI data.