Firms & Funds

New Mexico SIC backs Platinum and Advent

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New Mexico ERB, SV Health, Ecosystem Investment Partners, private equity, pension fund
The Rio Grande just south of Taos, New Mexico. CampPhoto/iStock/Getty Images
  • Assets under management: $23.75 bln
  • Target allocation to PE/VC: 12 pct
  • Key advisers/consultants: Pavilion Alternatives Group
  • Whom to contact for a meeting: Charles Wollmann(wollmann@state.nm.us)

New Mexico State Investment Council at its March meeting committed $175 million to funds from Platinum Equity and Advent International, documents show.

The system re-upped with Platinum, pledging $75 million to Fund V, which focuses on underperforming businesses in North American markets. The fund target is $8 billion.

New Mexico SIC committed a total of $205 million to Platinum Equity’s three previous funds, Buyouts reported.

The board also committed $100 million to Advent International GPE Fund IX, targeting $16 billion, per meeting documents. Advent’s ninth global PE fund focuses on healthcare, consumer and leisure; tech, media and telecom; industrials, retail, and business and financial services in Europe and North America.

New Mexico’s pledges to Platinum and Advent are its second and third of 2019 from its National Private Equity Program, which has an allocation target of $550 million to $650 million, or 12 percent, according to Buyouts.

In February, the council committed $100 million to TA Associates XIII, targeting $7.5 billion. It’s backed TA Associates’ eighth, ninth and 12th pools.