The U.S. state of New Mexico has committed $50 million each to TPG Rise and BlackRock Renewables funds.
The investments are part of the New Mexico State Investment Council’s $275 million in commitments to “alternative” investments, which also include private equity, renewable energy (see below), and real estate.
TPG is raising $2 billion from a combination of Silicon Valley tech titans and institutional investors such as Swedish pension fund AP2.
Most of New Mexico’s alternatives investments have a “responsible” component. Its $75 million investment in New Mountain Capital’s fifth private equity fundconsiders positive environmental, social and governance factors in its investment thesis.
A $50 million investment in Berkshire Group’s new multifamily real estate fund will focus on affordable housing.
