JULY 14, 2014

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NMERB increases target to real estate

by Reg Clodfelter

The New Mexico Educational Retirement Board has increased its target allocation to real estate from 5 percent of its approximately $11 billion in assets to 7 percent — an increase that could be worth as much $225 million — prompted by a recent asset allocation study performed by the board’s general consultant, NEPC.

“The increase should optimize the diversification effect, optimizing the risk/return ratios of the plan,” explains Mark Canavan, senior portfolio manager with NMERB.

According to Canavan, the additional resources will likely be invested with managers already in the board’s program, though consideration will be given to seeding new relationships.

“NMERB is extremely happy with our current relationships,” Canavan adds.

The board expects to be at its new target by the latter part of

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