The New Mexico Public Employees’ Retirement Association is considering committing $20 million to JMI Equity, a private equity firm focused on software, internet, health care IT and business services companies.
The $10.5 billion pension’s investment committee is recommending the $20 million commitment to JMI Equity Fund VII, which began raising funds last month, according to a Securities and Exchange Commission filing. Based on information in the document, the firm has yet to hold a close on the vehicle and did not disclose a target amount. JMI’s previous fund, JMI Equity Fund VI, closed on $600 million in July of 2007.
So far in 2010, the New Mexico PERA Board has approved a $20 million commitment to Draper Fisher Jurvetson’s Fund X, which is targeting $400 million for venture investments, as well as a $20 million commitment to HIG Bayside’s Loan Opportunity Fund II, a distressed debt investment vehicle. It is not clear how much HIG is targeting for the fund.
JMI, which provides capital for growth, recapitalisations, acquisitions and buyouts, has $1.3 billion of committed capital under management, with investments ranging between $10 million and $60 million.
Recent deals for the firm include a joint sale with Hellman & Friedman of the technology and information solutions company Vertafore to TPG for $1.4 billion, which took place earlier this month. Also in July, a group including Hellman, JMI and TPG sold Intergraph, a maker of engineering and geospatial software, for $2.1 billion to Swedish technology company Hexagon. A source close to the deal said the return for the private equity firms as a whole would equate to a multiple of more than four times the investment.
New Mexico PERA has set aside $100 million for private equity investments this year. The pension has a 5 percent target to private equity and an actual allocation of approximately 2.3 percent.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
