New Mexico State Investment Council is considering making a commitment to a TA Associates fund that will invest in select companies the firm is selling, according to an Oct. 10 memo from NMSIC staff on its website.
The system recommended a commitment of up to $75 million to TA Select Opportunities Fund. The fund is targeting up to $1 billion, Buyouts previously reported. It will focus on taking minority positions in companies that TA previously invested in and are being sold to third-party sponsors, an investment summary document shows.
If approved at the Oct. 22 meeting, the commitment to TA Select Opportunities Fund would be the fifth investment in New Mexico SIC’s National Private Equity Program this year, according to the memo. The program is averaging $300 million to $400 million in annual commitments.
Past commitments in 2019 include: $100 million to TA Associates XIII, which closed earlier this year at $8.5 billion; $50 million to Advent International GPE IX; $75 million to Platinum Equity Capital Partners V; and $100 million KPS Special Situations Fund V.
New Mexico SIC’s target allocation for growth equity, which TA Select Opportunities falls under, within its private equity program, is between 10 and 25 percent, documents show.
Action Item: New Mexico SIC agenda can be found here.