Pension fund also launches invitation-only search for real estate manager for 457 plan
New Mexico Public Employees Retirement Association, Santa Fe, committed $400 million to three alternative investment strategies, said Jude Perez, interim chief investment officer of the $14.7 billion defined benefit plan, in an email.
Pension plan officials committed $150 million each to Rockwood Capital for a real estate separate account and Petershill Private Equity, a fund managed by a unit of Goldman Sachs Asset Management that takes minority stakes in hedge fund and private equity firms. The pension fund also committed $100 million to GEM Realty Evergreen Fund, an illiquid real estate fund of one managed by GEM Realty Capital.
New Mexico PERA has invested with Rockwood Capital in the past. GSAM and GEM are new relationships.
Separately, New Mexico PERA has launched an invitation-only search for a manager to run a new private core real estate strategy for its $550 million deferred compensation plan, said Karyn Lujan, deferred compensation manager.
Meketa Investment Group, the plan's investment consultant, is leading the search for this strategy. Meketa and Ms. Lujan are scheduled to present a recommendation to New Mexico PERA's Smart Save committee on May 9. If the committee approves the recommendation, it would go to the full board for final approval on May 25.