New Mexico commits $185m to REITs, European real estate
The $10.7 billion New Mexico Educational Retirement Board has committed a total of $185 million to European real estate strategies and the retirement board’s existing REIT mandate.
NMERB committed $125 million to Kildare European Partners I, a first-time fund that will invest in distressed real estate, both equity and debt, across western Europe.
“It is an independent group, not a fund initiative of a larger multi-product private equity platform. We like that,” says Mark Canavan, senior investment officer with NMERB, explaining what set this fund apart from others. “It is a first-time fund of a manager with more than 20 years of significant experience proving he can deliver.”
The commitment will be divided among asset classes, with $25 million coming from the real estate allocation and $100 million from opportunistic credit. In a recent investment performance analysis prepared