New Mexico Educational Retirement Board, Santa Fe, committed $185 million to two new alternative investment funds and added $140 million to three existing alternative investments, said Bob Jacksha, CIO of the $15.8 billion pension plan in an email.
Pension fund officials committed $110 million to Longford Capital Litigation Finance Fund, a litigation finance fund managed by Longford Capital Management. This is a new relationship for the New Mexico ERB. The pension fund also committed $75 million to Ram Realty Partners VI, a real estate fund managed by Ram Realty Advisors, an existing manager. Pension fund officials previously committed $30 million to Ram Realty Partners III, $40 million to Ram Realty Partners IV and $50 million to Ram Realty Partners V.
The New Mexico ERB also allocated an additional $50 million each to a separately managed account run by farmland manager U.S. Agriculture and a real estate core-plus separately managed account managed by Raith Capital Partners. U.S. Agriculture now manages $125 million and Raith manages a total of $100 million for the pension fund. Additionally, pension fund officials allocated an additional $40 million to a BlackRock tactical opportunities strategy, a private equity separately managed account-type vehicle. BlackRock now manages a total of $100 million for New Mexico ERB in the strategy.
In other news, the New Mexico ERB renewed for four years the following investment management contracts: a $650 million non-U.S. developed markets equity index strategy managed by BlackRock, a $343 million domestic real estate investment trust mandate managed by Brookfield Asset Management and a $135 million emerging markets debt strategy managed by PGIM.