News & Analysis

New Mexico commits $75m to Industry Ventures funds

San Francisco-based Industry Ventures is seeking $425m for its latest dedicated secondaries vehicle and $200m for a FoF which can also invest in the strategy.

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The New Mexico Educational Retirement Board (NMERB) has approved commitments to two Industry Ventures funds that make secondaries investments.

The pension fund committed $45 million to Industry Ventures Secondary Fund VIII, according to minutes from its 21 January investment committee meeting. Fund VIII is a dedicated secondaries fund targeting $425 million.

NMERB also made a $30 million commitment to Industry Ventures Partnership Holdings IV, a fund of funds that can acquire early-stage secondaries, or less than 50 percent called-down fund interests. The firm is seeking $200 million for Fund IV, according to PEI Research & Analytics.

NMERB can invest up to $10 million in additional capital to each fund on a secondaries basis, subject to availability, according to the minutes.

The pension has $11.4 billion in assets under management, according to PEI data.

San Francisco-based Industry Ventures was founded in 1999 and has almost $2 billion in assets under management, according to PEI data.