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NMERB bids on VC FoF stakes

The portfolio consists of two to three fund of funds managed by Silicon Valley Bank.

The New Mexico Educational Retirement Board is bidding on a portfolio of limited partner interests in fund of funds managed by the Silicon Valley Bank (SVB), Secondaries Investor has learned.

SVB’s fund of funds invest in venture capital funds. There are between two and three funds in the portfolio, but their vintage years are not known.

Still, it is understood venture capital fund of funds are currently trading at a discount to net asset value, one source with knowledge of the situation explained.

New Mexico declined to comment.

SVB has raised seven US-focused venture capital fund of funds, the most recent closed earlier this year on its $330 million target, according to PEI’s Research and Analytics division.

Other funds in the family include 2013-vintage Fund VI that raised about $323 million and 2011-vintage Fund V that closed on $291 million.

[box style=”rounded”][threecol_one]Fund name

Strategic Investors VII

Strategic Investors VI

Strategic Investors V

Strategic Investors IV

Strategic Investors III

Strategic Investors II

Strategic Investors[/threecol_one] [threecol_one]Size

$330 million

$322.8 million

$291.4 million

$142.5 million

$255 million

$175 million

$64.5 million[/threecol_one] [threecol_one_last]Vintage

2014

2013

2011

2009

2006

2005

2000[/threecol_one_last][/box]SVB has also raised three US-focused direct funds via its Silicon Valley Bank Ventures, as well as six growth fund of funds, one Chinese fund of funds and one separate account.

SVB declined to comment.

If New Mexico is the high bidder it plans to ask its board for authority to buy the portfolio at its November board meeting, according to documents from the pension’s website.

Other bidders and the seller of the portfolio are not known.