New Mexico PERA allocates $75m to real estate fund
The $14.3 billion New Mexico Public Employees Retirement Association committed $75 million to Rockpoint Growth and Income Fund II at its Feb. 23 investment committee meeting, according to spokeswoman Kristin Varela in an email. Rockpoint Growth and Income Fund II opened in June 2015 and invests primarily in the office and multifamily sectors in major U.S. markets with a core-plus strategy. The fund is focused on stabilized assets with strong existing cash flows and less capital-intensive business plans. Rockpoint hopes to raise $1.5 billion in equity commitments for the fund, with a maximum fundraising size of $2 billion. The fund held an $800 million first close in July 2016, receiving investments from a mix of new and existing investors from the United States, Canada and Asia. New Mexico PERA has a target allocation to real estate of 5 percent.