New Mexico PERA inks $150 mln account with 57 Stars

The separate account will invest in eight to 12 local private equity funds in Latin America and Asia, Lujan said. 57 Stars, which has more than $2.5 billion under management, specializes in primary, secondary and co-investment strategies in non-U.S. markets. The firm has offices in Washington, D.C., San Diego, Munich, São Paulo and Singapore.

In addition to its commitment to 57 Stars, New Mexico PERA committed up to $60 million to KSL Capital Partners IV through its opportunistic real estate allocation. KSL Capital Partners set a $2.25 billion target for its fourth flagship fund, which will invest in travel and leisure businesses.

KSL owns significant real estate assets, including ski resort Squaw Valley/Alpine Meadows, which hosted the 1960 Winter Olympics, and The Belfry resort and golf course in England, which has hosted the Ryder Cup golf tournament four times.

KSL closed its previous fund on more than $2 billion in 2011. KSL Capital Partners III netted an 11.5 percent IRR and 1.2x multiple as of June 30, according to the California Public Employees’ Retirement System.

New Mexico PERA, which oversees assets valued at $14.38 billion, had a 4.6 percent allocation to private equity as of Jan. 31, well short its 7 percent target, according an executive summary of its holdings.