The New Mexico Educational Retirement Board (NMERB) has approved $150 million in commitments to real estate funds, including funds managed by Varde Partners and DRA Advisors.
Varde Asia Credit Fund III received $100 million for its closed-end, opportunistic private credit strategy focused on performing senior secured lending and special situations across the Asia Pacific region.
DRA Growth and Income Fund XIII received $50 million for its closed-end, value-added strategy investing in a diversified portfolio of office, industrial, multifamily and retail properties in primary and secondary markets throughout the United States. It had a maximum fund size of $2.75 billion.
DRA Growth and Income Fund XII, the fund’s predecessor, raised $808.5 million in equity.
As of March 31, NMERB had $20 billion in total assets under management, with $1.9 billion in total real estate assets and an 8 percent real estate allocation target.
According to Ask IRE.IQ, wh
