New Mexico commits $75m to multifamily fund
The $20.6 billion New Mexico State Investment Council has committed $75 million to Berkshire Multifamily Income Realty Fund, according to meeting documents.
The open-end fund is managed by the Berkshire Group and focuses on recently built multifamily properties in prime U.S. submarkets. The core-plus fund is initially seeking $500 million in equity commitments.
New Mexico previously invested $50 million in Berkshire Multifamily Value Plus Fund III.
The investment council has a 10 percent target allocation to real estate; the actual allocation to the asset class is 7 percent.