The $13 billion State of New Mexico Public Employees Retirement Association is upping its commitments to private equity funds while it bids farewell to one hedge fund manager.

The plan is committing $25 million to Lincolnshire Equity Fund IV, a middle-market U.S. buyout fund; €17 million (approx $25 million) to Nordic Capital Fund VII, which is focused on investments in Northern Europe; and $25 million, plus fees, to Morgan Stanley Real Estate Fund VII Global.

On the hedge fund front, the plan is redeeming its investment in the Pendragon (Lancelot) Fund, a London-based event-driven hedge fund focused on small- to mid-cap European companies. The fund committed $35 million to Pendragon in November.