Investors - NOVEMBER 15, 2016

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New Mexico PERA to allocate up to $280m to REITs

by Jody Barhanovich

The $14.3 billion New Mexico Public Employees Retirement Association is planning to allocate up to $280 million for a new REIT manager, according to an RFP released Nov. 9.

The pension fund is searching for discretionary investment management services for a global and/or domestic REIT portfolio. While a separate account is preferred, commingled funds also will be considered. PERA’s proposed investment strategy benchmark is the Wilshire Global Real Estate Securities Index; however, a new benchmark could be employed once managers are hired.The pension fund is carrying out the search with its investment consultant, Cliffwater. 

Minimal certification qualifications must be submitted by Nov. 16, and final deadline submissions are due Dec. 2. The retirement system expects to select one or more proposals by no later than Feb. 28, 2017, and execute a professional services agreement to be effective on March 31, 2017.


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