NMERB commits $30m to real estate
The $11.7 billion New Mexico Educational Retirement Board committed $30 million to real estate. New Mexico committed $30 million to Water Property Investors II, a real estate fund managed by Water Asset Management. The opportunistic fund will acquire water rights through farmland acquisitions throughout the United States. The fund is targeting $350 million in equity commitments. New Mexico previously committed $30 million to the fund’s predecessor, Water Property Investors, in 2014. New Mexico has a target allocation to real estate of 7 percent.