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New Mexico SWF Updates Private Equity Strategy

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The New Mexico State Investment Council (NM SIC) is updating its long-term strategy for its private equity portfolio.  One major change includes committing around $350 to $450 million per year to private equity until 2016. In addition, like other public investors, the long-term strategy includes larger commitments to a smaller pool of managers, thus limiting relationships to fewer than 50 and less than 100 funds. Another big change is a shift in geographic strategy to increase allocation to emerging markets and Asia which now represents 3% of the private equity portfolio.

Three major themes:

  • Focus on quality core relationships
  • Bigger commitments to fewer managers
  • Improve diversification by geography and strategy

NM SIC Approved Private Equity Strategy

  • Venture Capital: 0% – 10% and 0 to 5 managers
  • Growth: 10% – 20% and 5 to 10 managers
  • Buyout: 50% – 70% and 12 to 17 managers
  • Special Situations: 10% – 25% and 4 to 8 managers

*Special situations include distressed debt trading, mezzanine, energy, fund of funds and secondary strategies.

Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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