New Mexico Educational Retirement Board commits to real estate, opportunistic credit

New Mexico Educational Retirement Board, Santa Fe, committed $50 million to real estate fund Crow Holdings Realty Partners VI and made an additional commitment of $50 million to Orchard Global Asset Management's opportunistic credit fund, EleganTree Fund, said Bob Jacksha, chief investment officer of the $9.9 billion pension fund in an e-mail.

Crow Holdings is a new manager for the Educational Retirement Board. The additional commitment to EleganTree increases the board's total commitment in that fund to $200 million. Both commitments were made by the board's investment committee at its Jan. 25 meeting. Both decisions are final, Mr. Jacksha wrote.

Separately, the Educational Retirement Board expects to commit $250 million to vintage year 2013 private equity funds. This year, the board expects to consider $20 million in venture capital, $100 million to buyouts and growth private equity, $50 million to mezzanine, $30 million to distressed and $50 million to co-investment, according to the private equity strategic plan presented to the investment committee at the same meeting by consultant, NEPC.

In other news, the pension fund returned 13.6% for 2012, well in excess of its 7.75% return target, Mr. Jacksha said. The five-year annualizedreturn was 3.6% and the 10-year annualizedreturn was 8.1%.