Pension fund also commits $240 million to real estate funds
New Mexico Public Employees Retirement Association, Santa Fe, is searching for one or more global low-volatility equity managers to run a $100 million to $250 million portfolio, said Jonathan Grabel, chief investment officer for the $14.2 billion pension fund.
It is a new allocation. Funding will come from cash.
Pension fund officials are searching for a manager for a long-only global low-volatility equity portfolio and/or equity option overlay strategies that exhibit lower equity volatility characteristics. The proposed benchmark is the MSCI ACWI Minimum Volatility index.
Proposals are due at 5 p.m. MST on March 6. The board could make a selection as early as July. The RFP is available on the pension fund's website.
Separately, the board at its Jan. 26 meeting committed up to $150 million to Sarofim Realty Advisors for a core real estate fund of one. It is a new relationship.
The board also committed up to $90 million to European real estate credit fund Cheyne Real Estate Credit Holdings Fund V, managed by Cheyne Capital Management. It is also a new relationship.