NM State approves $150m in real estate commitments

The $23.1 billion New Mexico State Investment Council has approved previously reported commitments to two real estate funds that were recommended by the board’s council, according to Charles Wollmann director of communications, legislative and client relations for the pension fund.

New Mexico State committed $75 million each to Ares European Real Estate Fund V, managed by Ares Management, and Almanac Realty Securities VIII, managed by Almanac Realty Investors.

Ares European Real Estate Fund V is an opportunistic fund that invests in European properties with a focus on France, Germany and the United Kingdom.

Almanac Realty Securities VIII is a value-added fund that invests in office, hotel, industrial, retail and multifamily properties throughout North America.

NM State has a target allocation to real estate of 12 percent.