Fundraising FoxNew Mexico Educational Retirement Board
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NMERB operates under a fiduciary duty to balance risk and return in support of funding retirement benefits for New Mexico educators. It invests the pension fund's assets solely in the interest of members and beneficiaries, managing the fund as a prudent investor by considering the fund's purposes, terms, and distribution requirements. Individual investments are evaluated within the context of the overall portfolio and an asset allocation strategy consistent with the board's mission and fiduciary obligations. The investments team aims for superior long-term returns to secure members' retirement futures.
Source: firm website, verified Sep 27, 2026.
HQ
Santa Fe, NM, US
Founded
1957
Fund commitments · as a limited partner · 131
as of Jun 2025Private-fund positions this organization discloses in its own public filings and reports — $5.9B committed, $3.7B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| NMERB Sierra Blanca Fund, L.P. | NMERB Sierra Blanca | 2020 | $180M | $132.1M | 3.0% | 1.09x | 0.09x |
| Banner Ridge DSCO Fund II, L.P. | Banner Ridge Partners | 2022 | $150M | $51.5M | 67.4% | 1.81x | 0.00x |
| Banner Ridge Secondary Fund III (TE), L.P. | Banner Ridge Partners | 2019 | $100M | $44M | 27.0% | 1.73x | 1.17x |
| Banner Ridge Secondary Fund IV (T), L.P. | Banner Ridge Partners | 2021 | $100M | $70.3M | 27.7% | 1.74x | 0.75x |
| BR/ERB Co-Investment Fund I, L.P. | BR Capital | 2009 | $100M | — | 15.6% | 1.71x | 1.71x |
| BR/ERB Co-Investment Fund II, L.P. | BR Capital | 2013 | $100M | $55.3M | 13.3% | 2.02x | 1.46x |
| BR/ERB Co-Investment Fund II, L.P. 2017 Serie | BR Capital | 2017 | $100M | $158.9M | 17.4% | 2.09x | 0.75x |
| BR/ERB Tactical Opportunities - Sandia Series, L.P. | BR Capital | 2021 | $100M | $84.5M | 6.9% | 1.19x | 0.00x |
| BR/ERB Tactical Opportunities, L.P. | BR Capital | 2014 | $100M | $70.3M | 20.6% | 2.86x | 2.01x |
| TPG Growth Fund III, L.P. | TPG | 2002 | $100M | $51M | 15.4% | 1.59x | 1.18x |
| TPG Growth IV LP | TPG | 2018 | $100M | $78.5M | 14.1% | 1.69x | 0.97x |
| TTCP NMERB SMA II, L.P. | TTCP NMERB SMA | 2021 | $100M | $71.5M | -0.1% | 1.00x | 0.00x |
| TTCP NMERB SMA, L.P. | TTCP NMERB SMA | 2017 | $100M | $139.9M | 14.8% | 1.97x | 0.56x |
| Banner Ridge DSCO Fund I, L.P. | Banner Ridge Partners | 2020 | $80M | $36.4M | 27.2% | 1.61x | 0.48x |
| Banner Ridge Secondary Fund V (TE), L.P. | Banner Ridge Partners | 2023 | $75M | $60.4M | 84.4% | 1.75x | 0.02x |
| TPG Growth Fund II, L.P. | TPG | 2003 | $75M | $32.1M | 15.8% | 2.13x | 1.77x |
| AE Industrial Partners Extended Value Fund, L.P. | AE Industrial Partners | 2021 | $70M | $16.1M | 0.2% | 1.01x | 0.78x |
| B Capital Global Growth III, L.P. | B Capital | 2022 | $70M | $62.9M | 5.2% | 1.12x | 0.04x |
| AE Industrial Partners Fund II, L.P. | AE Industrial Partners | 2018 | $60M | $86.5M | 26.5% | 2.20x | 0.86x |
| AE Industrial Partners Fund III, L.P. | AE Industrial Partners | 2023 | $60M | $40.7M | 29.6% | 1.49x | 0.09x |
| Edison Partners X, L.P. | Edison Partners | 2021 | $60M | $65.3M | 19.6% | 1.47x | 0.19x |
| EIG Energy XVI, L.P. | EIG Global Energy Partners | 2013 | $60M | $23.3M | 2.8% | 1.15x | 0.74x |
| Lightyear Fund V, L.P. | Lightyear | 2021 | $60M | $78.6M | 16.8% | 1.54x | 0.16x |
| Raine Partners IV, L.P. | Raine | 2022 | $60M | $34.3M | 8.3% | 1.11x | 0.00x |
| Tenex Capital Partners III | Tenex Capital Management | 2021 | $60M | $66.6M | 57.2% | 1.64x | 0.62x |
| TPG Growth V LP | TPG | 2021 | $60M | $74.4M | 13.4% | 1.34x | 0.38x |
| Lion Capital Fund II | Lion Capital | 2007 | $53.9M | — | -7.9% | 0.68x | 0.68x |
| ZMC II Extended Value Fund, L.P. | Zmc | 2021 | $52.3M | $65.8M | 9.2% | 1.38x | 0.00x |
| AE Industrial Partners Fund I, L.P. | AE Industrial Partners | 2015 | $50M | $16.3M | 8.4% | 1.36x | 1.08x |
| Apollo Investment Fund VIII | Apollo | 2013 | $50M | $13.1M | 8.2% | 1.39x | 1.17x |
| Ares Corporate Opportunities VI, L.P. | Ares | 2020 | $50M | $58.4M | 15.7% | 1.42x | 0.38x |
| Bain Capital Fund XIII, L.P. | Bain Capital | 2020 | $50M | $45.1M | 6.8% | 1.13x | 0.16x |
| Edison Partners IX, L.P. | Edison Partners | 2018 | $50M | $88.9M | 13.7% | 1.95x | 0.11x |
| Industry Ventures Secondary IX, L.P. | Industry Ventures | 2020 | $50M | $53.7M | 9.1% | 1.28x | 0.13x |
| Industry Ventures Secondary X, L.P. | Industry Ventures | 2024 | $50M | $32.9M | 73.6% | 1.64x | 0.00x |
| Leeds Equity Partners VII, L.P. | Leeds | 2021 | $50M | $54.4M | 9.5% | 1.20x | 0.00x |
| Levine Leichtman Capital Partners IV, L.P. | Levine Leichtman | 2008 | $50M | $2.6M | 17.5% | 1.58x | 1.53x |
| Lightyear Fund IV, L.P. | Lightyear | 2016 | $50M | $43.6M | 18.3% | 2.19x | 1.38x |
| Olea Special Opportunities Offshore Fund I, L.P. | Olea Capital Partners | 2019 | $50M | — | 7.3% | 1.19x | 1.19x |
| Pine Brook Capital Partners II | Pine Brook | 2012 | $50M | $31.1M | 6.8% | 1.46x | 0.99x |
| Riverside Strategic Capital Fund I, L.P. | The Riverside Company | 2016 | $50M | $50M | 6.9% | 1.29x | 0.61x |
| SG/NMERB Secondary Fund I, L.P. | Sg Iv | 2015 | $50M | — | 44.7% | 1.31x | 1.31x |
| SV7 Growth Fund, L.P. | SV7 | 2021 | $50M | $40.3M | 2.2% | 1.05x | 0.00x |
| Tenex Capital Partners II | Tenex Capital Management | 2016 | $50M | $37M | 22.2% | 2.14x | 1.52x |
| Tenex Capital Partners IV | Tenex Capital Management | 2024 | $50M | $3.1M | — | 0.63x | 0.00x |
| TTCP Growth SMA I | TTCP | 2022 | $50M | $4.1M | -34.2% | 0.71x | 0.00x |
| Z Capital Credit Tactical Co-Invest Fund-A, L.P. | — | 2016 | $50M | $21.3M | -6.3% | 0.72x | 0.37x |
| Z Capital Credit Tactical Fund, L.P. | — | 2016 | $50M | $40.6M | 0.1% | 1.00x | 0.29x |
| Z Capital Partners III, L.P. | — | 2017 | $50M | $103M | 18.1% | 1.95x | 0.59x |
| Z Capital Special Situations Fund II, L.P. | — | 2013 | $49M | $56.1M | 3.5% | 1.14x | 0.48x |
| Marlin Equity V, L.P. | Marlin Equity Partners | 2017 | $48M | $65M | 16.5% | 1.73x | 0.46x |
| Industry Ventures Fund VI, L.P. | Industry Ventures | 2011 | $45M | $176.2K | 8.0% | 1.37x | 1.36x |
| Industry Ventures Secondary VII, L.P. | Industry Ventures | 2013 | $45M | $7.8M | 16.0% | 1.97x | 1.78x |
| Industry Ventures Secondary VIII, L.P. | Industry Ventures | 2016 | $45M | $24.4M | 22.1% | 1.96x | 1.36x |
| Lexington Capital Partners VII LP | Lexington Partners | 2009 | $45M | $895.9K | 13.5% | 1.51x | 1.50x |
| ZMC III, L.P. | Zmc | 2020 | $45M | $32.7M | -9.5% | 0.74x | 0.00x |
| Arctos Sports Partners Fund I, L.P. | Arctos | 2021 | $40M | $54.7M | 19.6% | 1.55x | 0.07x |
| Ares Corporate Opportunities Fund IV | Ares | 2012 | $40M | $5.7M | 14.0% | 1.80x | 1.78x |
| Ares Corporate Opportunities Fund V LP | Ares | 2017 | $40M | $34.8M | 5.9% | 1.31x | 0.50x |
| Ares Special Situations Fund IV, L.P. | Ares | 2015 | $40M | $25.7M | 7.9% | 1.55x | 0.94x |
| B Capital Opportunities Fund I, L.P. | B Capital | 2020 | $40M | $48.8M | 8.1% | 1.32x | 0.03x |
| Bain Capital Fund XI | Bain Capital | 2014 | $40M | $13.9M | 19.6% | 1.87x | 1.58x |
| Bain Capital Fund XII, L.P. | Bain Capital | 2017 | $40M | $39.5M | 19.0% | 1.85x | 1.10x |
| Battery Ventures XIV, L.P. | Battery Ventures | 2022 | $40M | $20.9M | 2.4% | 1.03x | 0.00x |
| BDCM Opportunity Fund III | Black Diamond Capital Management | 2009 | $40M | $54.7M | 11.3% | 2.30x | 1.23x |
| BVP Forge Institutional A, L.P. | Bessemer Venture Partners | 2023 | $40M | $26.3M | 16.7% | 1.29x | 0.00x |
| Clayton Dubilier & Rice VIII, L.P. | Clayton Dubilier & Rice | 2007 | $40M | $79.9K | 26.2% | 2.43x | 2.43x |
| Edison Partners XI, L.P. | Edison Partners | 2024 | $40M | $1M | — | 2.55x | 0.00x |
| Edison Venture Fund VIII, L.P. | Edison Partners | 2015 | $40M | $18.2M | 16.7% | 2.08x | 1.63x |
| EIG Energy XV, L.P. | EIG Global Energy Partners | 2010 | $40M | $777.9K | 1.1% | 1.05x | 1.03x |
| Leeds Equity Partners VIII, L.P. | Leeds | 2024 | $40M | $3.8M | -18.6% | 0.81x | 0.00x |
| Lexington Capital Partners VIII LP | Lexington Partners | 2015 | $40M | $17.4M | 14.1% | 1.65x | 1.18x |
| Lightyear Fund III, L.P. | Lightyear | 2011 | $40M | $853.2K | 23.4% | 2.24x | 2.22x |
| Lightyear Fund VI, L.P | Lightyear | 2024 | $40M | — | 0.0% | 0.00x | 0.00x |
| LSRC II S.a r.l. | LSRC | 2010 | $40M | — | 19.8% | 1.32x | 1.32x |
| Prysm Capital Fund I, L.P. | Prysm Capital | 2021 | $40M | $44.8M | 4.5% | 1.13x | 0.12x |
| Raine Partners III | Raine | 2018 | $40M | $42.6M | 1.2% | 1.05x | 0.06x |
| SV Biotech Crossover Opportunities Fund LP | SV Biotech Crossover | 2024 | $40M | $16.2M | 83.8% | 1.99x | 1.21x |
| VSS Structured Capital II, L.P. | Veronis Suhler Stevenson | 2008 | $40M | $195.8K | 25.9% | 1.94x | 1.94x |
| W Capital Partners III LP | W Capital Partners | 2012 | $40M | $9.2M | 4.5% | 1.18x | 0.96x |
| ZMC II, L.P. | Zmc | 2014 | $40M | $103.1K | 34.5% | 3.07x | 3.06x |
| Apollo Investment Fund VII LP | Apollo | 2008 | $35.7M | — | 22.6% | 1.69x | 1.69x |
| SV Life Sciences Fund VI, L.P. | SV Life Sciences | 2015 | $35M | $13.1M | 14.0% | 1.58x | 1.22x |
| Ares Distressed Securities Fund, L.P. | Ares | 2008 | $30M | — | 13.7% | 1.75x | 1.75x |
| Ares Special Situations Fund III, L.P. | Ares | 2011 | $30M | — | 1.6% | 1.06x | 1.06x |
| B Capital Fund II, L.P. | Boyu Capital | 2019 | $30M | $34.1M | 3.6% | 1.15x | 0.10x |
| BCP Fund II, L.P. | BCP | 2018 | $30M | $49.4M | 22.6% | 1.81x | 0.37x |
| Edison Venture Fund VII, L.P. | Edison Partners | 2010 | $30M | — | 11.6% | 1.73x | 1.73x |
| Five Point Energy Fund III, L.P. | Five Point Energy | 2020 | $30M | $98.1M | 73.7% | 4.20x | 0.38x |
| Five Point Water Management and Sustainable Infrastructure Fund IV LP | Five Point Energy | 2023 | $30M | $12.9M | 37.2% | 1.43x | 0.48x |
| Industry Ventures Partnership Holdings III | Industry Ventures | 2014 | $30M | $33.2M | 19.9% | 3.06x | 1.87x |
| Industry Ventures Partnership Holdings IV | Industry Ventures | 2015 | $30M | $42.5M | 14.2% | 2.14x | 0.59x |
| Industry Ventures Partnership Holdings VI | Industry Ventures | 2021 | $30M | $23M | 7.6% | 1.18x | 0.05x |
| Industry Ventures Partnership Holdings VII | Industry Ventures | 2024 | $30M | $3.6M | 41.3% | 1.20x | 0.00x |
| Marlin Equity IV | Marlin Equity Partners | 2013 | $30M | $8.4M | 3.4% | 1.17x | 0.91x |
| OrbiMed Private Investments IX, LP | OrbiMed | 2022 | $30M | $14.8M | 24.9% | 1.30x | 0.15x |
| Platinum Equity Capital Partners II LP | Platinum | 2007 | $30M | $753.9K | 13.0% | 1.45x | 1.43x |
| SV Health Investors Growth Fund VII b | SV Health Investors | 2024 | $30M | — | 0.0% | 0.00x | 0.00x |
| Tenex Capital Partners, L.P. | Tenex Capital Management | 2011 | $30M | $1.2M | 14.6% | 1.54x | 1.51x |
| Siguler Guff Secondary Opportunities Fund, L.P. | Siguler Guff | 2015 | $30M | — | 32.8% | 1.23x | 1.23x |
Largest 100 of 131 disclosed positions. Source: NM ERB Private Equity Report - Q2-2025-NMERB-Private-Equity-Report. TVPI = total value / paid-in; DPI = distributions / paid-in.
Frequently asked questions
- Where is New Mexico Educational Retirement Board located?
- New Mexico Educational Retirement Board is headquartered in Santa Fe, US.