The New Mexico State Investment Council (SIC) is committing more than $500 million to its private equity portfolio, advancing its strategy of pairing sector specialization with global diversification through top-tier managers.
At its latest meeting, the Council approved new commitments to Reverence Capital Partners, Greenbriar Equity Group, and Bain Capital, including several co-investment vehicles that offer no-fee, no-carry exposure.
The SIC will invest up to $100 million in Reverence Capital Partners PE Opportunities Fund IV (VIII) and up to $100 million in a co-investment vehicle. Founded by former Goldman Sachs executives, Reverence Capital focuses on the financial services ecosystem — the businesses that support and enable financial markets.
“We actually think financial services is a great place to be investing in this market where there is a lot of high valuations and some uncertainty [with] financial services being so broad in the global economy,” said David Pollak, Reverence’s director of capital partnering, during the meeting.
He explained that the firm’s investment architecture spans the foundational platforms of the global economy and provides “diversified, cycle-resilient exposure” across subsectors such as asset management, insurance, and fintech. SIC staff emphasized Reverence’s flexibility and strong general partner commitment, noting that prior funds have shown consistent performance with no realized losses.
“Anywhere a transaction happens, there’s financial services architecture, so we’re able to have investments that are correlated not at all to interest rates or markets but correlated to church attendance or college tuition payments,” Pollak added.
The Council also committed up to $100 million to Greenbriar Equity Fund VII, a middle-market buyout vehicle targeting supply chain, business services, and advanced manufacturing industries. Greenbriar specializes in control-oriented investments in U.S. industrial and service companies, leveraging operational expertise to drive growth. The firm works closely with a network of more than sixty operating executives across its portfolio.
During the meeting, Noah Roy, a managing partner at Greenbriar, said the firm’s portfolio companies operate in critical enablement sectors across the industrial economy — “areas driving some of the most interesting growth.”
The SIC also approved new commitments to Bain Capital, totaling up to $255 million across three funds: $150 million to Bain Capital Asia Fund IV, $30 million to Bain Capital Japan Middle Market Fund II, and $75 million to Bain Capital Tech Opportunities Fund III. The Asia Fund invests in consumer products and services, technology, media and telecom, and manufacturing. The Japan Middle Market Fund focuses on consumer goods, healthcare, technology, and industrials, while the Tech Opportunities Fund targets companies across sectors such as application software, infrastructure and security, fintech and payments, healthcare IT, and digital media.
Bain is one of the SIC’s largest existing private equity relationships. “This is a platform that has really kind of produced incredible alpha relative to the Burgess Asia bio index of over 10% over the last decade,” said Chris Cassidy, the SIC’s director of private equity and venture capital, during the meeting.
Richard Pugmire, partner and alternatives investment director at Mercer, added that as of June 2025, Bain’s overall relationship with the SIC has generated “an 18 percent net IRR to date.”
Bain’s Asia platform, launched in 2006, spans six offices — Japan, India, Korea, China, and Australia — and invests across diversified sectors poised for long-term growth. “From a strategy perspective, Bain focuses on multiple geographies in Asia, but they may allocate more capital to certain regions that they have more conviction in,” said Pugmire, noting Japan has been one of Bain’s most successful markets.
Pavninder Singh, partner in Bain Capital’s private equity business, also spoke during the meeting, noting the firm’s success in Asia is anchored by three pillars: deep local teams with long leadership continuity, integration across the global platform, and a hands-on portfolio team. He added that private equity in Asia remains “in the early innings,” supported by structural tailwinds in consumer demand, digital transformation, and healthcare modernization.
