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State Investment Council OKs nearly $1 billion in commitments at November meeting
The State Investment Council office in Santa Fe in late September.
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The New Mexico State Investment Council approved just short of $1 billion worth of commitments to 11 firms spanning advanced technologies, affordable housing and health care services.
Made up of New Mexico officials like Gov. Michelle Lujan Grisham and State Treasurer Laura Montoya, the council unanimously approved two separate commitments of up to $300 million — the largest at the November meeting — for the Silver Rock Core Lending Strategy and the Bell Partners Growth and Income Fund.
The Growth and Income Fund, managed by existing SIC manager Bell Partners, targets stabilized properties and aims to deliver at least 9% net internal rate of return. The asset management firm acquires high-quality, mid-to-large-sized apartment communities in growth neighborhoods.
The lending strategy, managed by existing SIC manager Silver Rock Capital Partners, targets debt opportunities in the corporate world.
Other approved commitments included up to $40 million for Frist Cressey Ventures Fund, a health care focused venture capital fund; up to $15 million for Acequia Capital Origin, a fund seeking to make early seed stage investments in technology companies; and up to $15 million for Morpheus Ventures III L.P., an early stage venture fund with a focus on deep tech like quantum computing.
Additionally, the council committee approved six consent agenda items, which are considered follow-ups on or reallocations with existing SIC managers. This included a $10 million reallocation for Anzu Industrial Capital Partners, a $50 million add-on to Lion Industrial Trust, $50 million to Cure Ventures, $50 million to Lux Ventures, $15 million to Scout Ventures and $150 million to ACORE Credit Partners.
