Updated with correction
New Mexico Public Employees Retirement Association, Santa Fe, committed up to $120 million to two funds, said Jonathan Grabel, chief investment officer.
The $14.4 billion pension fund committed up to $50 million to Madison Realty Capital Debt Fund III and up to $70 Million to PW Real Estate Fund III, which focuses on European real estate and is managed by PW Real Assets. The firm is the successor to two Perella Weinberg real estate funds.
New Mexico PERA has not invested with either firm in the past. The pension fund's alternative investment consultant, Cliffwater, assisted.
Separately, pension fund officials are seeking a full redemption of its $32 million investment in hedge fund OZ Domestic Partners II, managed by Och-Ziff Capital Management Group. Officials are seeking the redemption as part of portfolio rebalancing; the absolute-return allocation was reduced last year by three percentage points to 4%.