New Mexico set to commit $300m – exclusive

The potential investments will be considered by the full investment council later this month. 

A New Mexico State Investment Council committee recommended three separate proposed $100 million commitments at Thursday’s meeting, SIC spokesman Charles Wollmann told Private Debt Investor.

The investment committee for the state’s $20.37 billion endowment fund, based in Santa Fe, New Mexico, agreed to move forward on an investment to Golub Capital Partners 11 as well as two others to PIMCO’s Distressed Senior Credit Opportunities II (DiSCO II) and Bravo Fund III. SIC will consider the allocations at the 28 February meeting, Wollmann said.

GCP 11, which does not have a set target according to PDI data, held a first close of $351.3 million, as PDI previously reported. Its predecessor GCP 10 recently closed on $1.76 billion in equity commitments. It would be SIC's first commitment to a Golub investment vehicle.

PIMCO’s DiSCO II has raised $2.32 billion, according US Securities and Exchange Commission regulatory filings, while the Bravo III fund lists a target of $3.5 billion and has raised $818.35 million, according to PDI data. The Teachers’ Retirement System of the State of Illinois committed $100 million and Arkansas Local Police and Fire Retirement System committed $10 million to Bravo Fund III. SIC currently has commitments with other PIMCO funds.

In its 2017 fiscal year investment plan, SIC planned to set aside 15 percent of its fixed-income portfolio to the credit and structured finance subcategory. As of 31 December, it exceeded that target, with 17.89 percent of fixed-income investments housed in credit and structured finance, according to a December report. That subcategory made up 3.98 percent of the total portfolio, while 22.26 percent of the SIC book consisted of fixed-income investments.