Beats | July 11, 2017

New Mexico commits $50 million each to TPG Rise and BlackRock Renewables funds

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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.