New Mexico Educational Retirement Board, Santa Fe, may be able to expand its investment options. A bill that would allow investments in alternative asset classes awaits action by the Senate Education Committee; it was passed in the state House Feb. 4.
However, Frank Foy, CIO for the $7.3 billion fund, said his organization backs a state Senate bill that would allow all New Mexico public investment authorities, including the $9.6 billion Public Employees Retirement Association of New Mexico, also in Santa Fe, to expand their investment options. "The House bill is a backup if the other bill doesn't get passed," said Mr. Foy.
Both bills would require the investment authorities to follow a "prudent investor" rule, which would then allow them to invest in hedge funds and real estate.
