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.

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.