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JULY 11, 2016

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New Mexico commits to another Starwood fund

by Reg Clodfelter

The New Mexico Public Employees Retirement System has committed $75 million to Starwood Global Opportunity Fund XI, an opportunistic fund managed by Starwood Capital Group, confirms Kristin Varela, portfolio manager, real returns, with the retirement system.

NMPERA and Starwood began investing together in 2008, when the retirement system committed $25 million to the seventh fund in Starwood’s Global Opportunity fund series. That commitment was followed by another $25 million commitment to Fund IX in 2011 and a $60 million commitment to Fund X in 2013.

The opportunistic fund series typically targets a wide range of property types across the United States and Europe.

Starwood declined to comment on current fundraising efforts.

The $14 billion retirement system has a 20 percent target allocation to real assets, which contains a target sub-allocation to illiquid real estate of approximately 38 percent of the real assets bucket, or 7.6 perce

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