Public Employees Retirement Association of New Mexico (PERA) has marked its first-ever core-only real estate fund commitment by placing $50m (€46.7m) into the Harrison Street Core Property Fund.

Investing in Harrison Street’s open-ended core US property fund would help Mexico PERA reduce its holdings of conventional office buildings, hotels and retail assets within its portfolio.

The Core Property Fund invests exclusively in non-traditional property types, including medical offices, self-storage, senior living facilities, student housing and life science buildings.

According to New Mexico PERA’s board meeting document, the Core Property Fund currently has a portfolio of 396 assets with an average deal size of $33m. 

New Mexico PERA said it is also considering two further commitments: a new real estate mandate and a co-investment in a core infrastructure fund.

To read the latest IPE Real Assets magazine click here.