New Mexico SIC to rescind redemption request from multifamily fund

The New Mexico State Investment Council (SIC) has voted to rescind its redemption request from the Berkshire Multifamily Income Realty Fund, according to board meeting minutes from June.

The pension fund approved a full redemption of $100 million in March 2019. At the time of the request, Paul Chapman, director for the pension fund, said the recommendation for a full redemption from the open-end core fund was a strategic choice made due to concerns it had about the fund’s ability to attract assets to scale up going forward.

Chapman added the pension fund liked the manager, and the returns and equity multiple for the fund were positive, but decided to go in a different direction.

At New Mexico’s latest meeting, Chapman noted that redemption proceeds come through property sales or through new investors coming into the fund. Since the redemptio