The folks at the $13 billion Public Employees Retirement Association of New Mexico are bullish on alternative investments. The system’s board this month committed $70 million to a pair of hedge funds. The move follows the $100 million in commitments made to alternative investment funds last month.

Most recently, the board committed to invest $35 million in Ascend Capital, an equity long/short and equity market neutral hedge fund. The money will come from the system’s fixed income portfolio. The board also committed another $35 million to Pendragon (Lancelot) Fund, a London-based event-driven hedge fund focused on small to mid-cap European companies. The move will also be funded from fixed income.                                 

Last month, the board awarded $35 million to Canyon Value Realization Fund, $35 million to Marathon Special Opportunities Fund, and $30 million to Natural Gas Partners Fund IX. The system also funded these three commitments from its fixed income portfolio.