New Mexico Educational Retirement Board, Santa Fe, committed $70 million total to two real estate funds, said Stephen J. Neel, deputy chief investment officer, in an e-mail.
The $11.3 billion pension fund committed $35 million each to Prudential Real Estate Investors’ senior housing fund Prudential Senior Housing Partners V and Crow Holdings Capital Partners’ seventh real estate fund, Crow Holdings Realty Partners VII. The pension fund has invested with both managers in the past.
Also, the pension fund now expects to commit $300 million to private equity annually, up from $175 million under an updated private equity pacing plan. Pension fund officials increased the amount of commitments because it recently increased its private equity allocation to 11% from 8%, Mr. Neel said in an e-mail.
In other action, the board in October will consider a revised fixed-income investment policy to accommodate the pension fund’s move to internal management.