NMERB commits equity into two real estate funds
The $11.7 billion New Mexico Educational Retirement Board has committed a total of $70 million to two real estate funds, according to Bob Jacksha, chief investment officer for the pension fund.
The pension fund committed $40 million to Ram Realty Partners V and $30 million to Sares-Regis Multifamily Value-Add Fund III.
Ram Realty Partners IV held a $132 million final close in 2017. The fund invests in community and neighborhood shopping centers, retail and multifamily properties with value-added investment potential. The fund will invest in properties throughout the southeastern United States, primarily in and around Miami; Tampa; Orlando; Atlanta; Charlotte, N.C.; and Raleigh, N.C. The fund may also buy defaulted debt, presumably with an eye toward assuming control of the underlying properties, and form joint ventures. NMERB previously committed $40 million Fund IV and committed equity into Fund III.
Sares-Regis Multifamily Value-Add Fund III, managed by the Sares-Regis Group, will invest in multifamily properties throughout the United States.
NMERB has a target allocation to real estate of 7 percent.