New Mexico commits $75m to real estate debt fund
The $14 billion Public Employees Retirement Association of New Mexico has committed $75 million to DRC Capital European Real Estate Debt Fund III, according to recent meeting documents.
New Mexico PERA previously committed $26 million to European Real Estate Debt Fund II, the fund’s predecessor, in 2013. Fund II, which focused on the refinancing and purchasing of discounted performing loans in the secondary market, held a final close of $820 million in 2014.
The pension fund has a 5 percent target allocation to real estate and a 3 percent current allocation to the asset class.