New Mexico Public Employees Retirement Association, Santa Fe, plans to issue an RFP as early as August for a manager to run active global core-plus fixed income, said Joelle Mevi, chief investment officer for the $10.6 billion association.
The size of the new mandate has not been determined. Funding would come from the association’s domestic equity portfolio.
The RFP will be posted on the association’s website at http://www.pera.state.nm.us. General consultant R.V. Kuhns will assist.
At its meeting Thursday, the association’s board also approved a new asset allocation that increases alternative investments to 20% from 15% and fixed income to 26% from 25%. Domestic and international equities have been cut to 27% each from a 35% domestic equities allocation and a 25% international equity allocation. The changes were made following an asset allocation study. R.V. Kuhns assisted.
Separately, the board committed $35 million to Elliott Associates, an event-driven hedge fund.