LPs

New Mexico ERB increases PE pace to $300 mln per year; plans RFP

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  • ERB increased PE allocation to 11 pct
  • System had committed $175 mln per year
  • Will issue consultant RFP on Sept. 30

The $11.2 billion retirement system is also planning to issue a request for proposals for a private equity consultant on Sept. 30, he said.

The New Mexico Educational Retirement Board’s commitment pace had been around $175 million per calendar year. The increase will accommodate the retirement system’s new target allocation to private equity, which grew to 11 percent in June from 8 percent.

New Mexico ERB had a 7.5 percent allocation to private equity as of June 30, according to an investment report available through its website. The private equity portfolio was valued at $848.5 million as of the same date.

In June, the New Mexico Educational Retirement Board increased the size of its commitment to Z Capital Special Situations Fund II to $50 million from $40 million. Z Capital Partners closed its second special situations fund above target on $750 million in early July.