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NMERB commits $100m to Lone Star
The $10.7 billion New Mexico Educational Retirement Board has committed $100 million to Lone Star Funds IX, sponsored by Lone Star Funds.
Mark Canavan, senior investment officer with NMERB, has confirmed the commitment.
“We have a pre-existing relationship with Lone Star, and they have done exceptionally well by us,” Canavan says, explaining what set this fund apart from others.
NMERB also committed to Funds II, VII and VIII in Lone Star’s fund series prior to this commitment to Fund IX. Fund IX, which launched in February 2014, is a debt fund that will invest globally. It is seeking to raise $7 billion in capital.
NMERB has a target allocation to real estate of 5 percent and is currently overallocated to the sector. As a debt fund, the commitment to Fund IX belongs to NMERB’s credit opportunities portion o