AUGUST 29, 2013

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NMERB makes first-time investment

by Andrea Waitrovich

The $10.3 billion New Mexico Educational Retirement Board (NMERB) has approved a first-time commitment to Raith Capital Partners’ real estate debt fund, Raith Real Estate Fund I. NMERB committed $50 million to the $300 million opportunistic fund, which launched this month.

NMERB has a 5 percent target allocation to real estate, or $515 million. As of June 30, 2013, total invested capital in private real estate was $203 million, or at 48 percent of target. NMERB aims to reach its real estate target in late 2014 to early 2015.

NMERB is active in the real estate distressed market. The pension has committed $231 million to debt and has invested $153 million in debt. 

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