New Mexico to commit to Lone Star fund

The New Mexico Educational Retirement Board has plans to commit an undisclosed amount to Lone Star Real Estate Fund VI, according to board meeting documents for its April 19 meeting.

Lone Star Funds is a private equity firm that invests globally in real estate, equity, credit and other financial assets. The fund series invests in commercial real estate debt and equity products in North America, Europe, Asia Pacific and Latin America.

The fund’s predecessor, Lone Star Real Estate Fund V (U.S.) and Lone Star Real Estate Fund V (Bermuda), (collectively, Lone Star Real Estate Fund V), held its first and final closing in April 2016 with approximately $5.8 billion in combined capital commitments.

As of Dec. 31, 2018, New Mexico has a target allocation to real estate of 7 percent and an actual allocation of 6.4 percent.