New Mexico SIC re-ups with TA and Brookfield

  • Assets under management: $23.75 bln
  • Target allocation to PE/VC: 12 pct
  • Key advisers/consultantsPavilion Alternatives Group
  • Whom to contact for a meetingCharles Wollmann (
  • Why is this important: New Mexico strengthens its relationships with existing firms

New Mexico State Investment Council re-upped $200 million across funds managed by TA Associates and Brookfield Asset Management.

Council also renewed a consulting contract with national private equity adviser Pavilion Alternatives Group.

 The board unanimously approved:

  • $100 million to TA Associates XIII, targeting $7.5 billion according to a person with knowledge of the firm;
  • $100 million to Brookfield’s Infrastructure Fund IV, targeting $17 billion;
  • Renewing its contract with Pavilion, as well as expanding the group’s role in advising the New Mexico PE program, which was previously managed by Sun Mountain Capital.

New Mexico SIC has a current target of $550 million to $650 million in average annual commitments, with an allocation goal of 12 percent, Buyouts previously reported.

The council has invested in other TA Associates funds, including TA VIII, TA IX and TA XII. SIC also invested $100 million in the 12th pool.

BIF IV, which has an asset portfolio in North and South America, Western Europe and Asia Pacific, was chosen by SIC for its diverse portfolio and reasonable fees, among other things, the investment report shows.

If approved, BIF IV would be the latest in a series of Brookfield funds New Mexico has backed, including the second and third infrastructure funds, Timberland Fund V, Brazil Agriculture Fund II and Capital Partners. New Mexico SIC has committed a total of $410 million to Brookfield.

Committee Member Linda Eitzen expressed concern over “the lack of realized investments” in previous Brookfield funds.

While Sun Mountain Capital is no longer advising NM’s PE programs, it will continue its partnership with SIC by managing New Mexico-centric co-investment funds.