New Mexico re-ups $125 mln to Bridgepoint, NGP

  • New Mexico is an LP in Bridgepoint III, IV
  • Firm is targeting 3.5 bln euros for Fund V
  • NGP targeting $4.5 bln for energy Fund XI

Bridgepoint Capital is targeting is targeting 3.5 billion euros ($4.5 billion) with a 4 billion euro hard cap for investments in growth-oriented mid-market companies in European companies. The firm will invest up to 250 million euros of equity per deal.

New Mexico is a limited partner in Bridgepoint’s third and fourth European funds. Fund III closed on 2.5 billion euros in 2005 and had generated a 2.92 percent return as of March 31, according to the Washington State Investment Board. Fund IV, a 4.8 billion euro 2008 vintage pool, was netting an 11.34 percent return as of the same date.

NGP Energy Capital Management is targeting $4.5 billion for its fund, which will invest in upstream oil and natural gas production, midstream and oilfield services industries, according to meeting materials. A U.S. Securities and Exchange Commission filing indicated that the fund had raised $1.3 billion as of Aug. 4.

NGP’s energy funds have netted a 22 percent internal rate of return since inception, according to a presentation included in New Mexico meeting materials. The Carlyle Group purchased a 47.5 percent stake in NGP in 2012, according to an LP Capital Advisors memo made available by New Mexico.

New Mexico previously committed to NGP’s 10th energy fund and its agribusiness fund, according to meeting materials. The State Investment Council made its most recent commitment to NGP through its real assets portfolio.

In addition to its commitments to Bridgepoint and NGP, New Mexico also approved a $60 million commitment to Macquarie Asia Infrastructure Fund and a $50 million commitment to Forest Investment Associates Timber Growth & Value Partners Fund.