New Mexico PERA allocates up to $250m to real estate

The $14.3 billion New Mexico Public Employees Retirement Association committed $250 million to two real estate funds at its March 30 investment committee meeting.

The pension fund committed up to $100 million to GEM Realty Evergreen Fund, a real estate fund managed by GEM Realty Capital. The fund invests in core and core-plus assets, including office, retail, multifamily, lodging and industrial properties, in primary and secondary markets across the United States. This is the pension fund’s first commitment to a GEM Realty fund.

New Mexico PERA also committed up to $150 million to a separate account with Rockwood Capital. The separate account is an illiquid real estate account with a focus on acquiring and managing a portfolio of high-quality, well-located core and core-plus office and mixed-use properties across the United States.

New Mexico PERA has previously committed $115 million to Rockwood’s latest three vehicles in its value-added fund series, includ