New Mexico Educational Retirement Board, Santa Fe, hired UBS Asset Management and RBC Global Asset Management and rehired Neuberger Berman to each run one-third of a roughly $1.2 billion emerging markets equity portfolio, said Bob Jacksha, CIO of the $13 billion pension fund, in an email.
The pension fund hired the managers following a search because the contracts of existing managers Robeco, Parametric, Mondrian Investment Partners and Neuberger Berman are expiring. Neuberger Berman managed $355 million; Robeco, $349 million; Parametric, $266 million; and Mondrian, $248 million as of March 31.
Separately, the pension fund also committed $50 million to Ecosystem Investment Partners IV, a private equity fund, to invest in the land-based environmental offset markets created to mitigate permitted impacts to wetlands, streams and other natural resources in the U.S. The pension fund is an investor in some of Ecosystem's previous funds.
New Mexico ERB also committed $35 million to SV7 Growth Fund and $20 million to SV7 Impact Fund, both managed by private equity firm SV Health Investors. The pension fund has invested in previous SV funds.
Pension fund officials also made a $150 million follow-on commitment to the Olea Special Opportunities Fund, a private equity fund managed by Orchard Global Asset Management. New Mexico ERB in July committed $85 million to the fund in July.
The pension fund also added $25 million to its earlier $100 million commitment to The 1609 fund, a reinsurance fund managed by ILS Capital Management.