New Mexico Educational Retirement Board (NMERB) is considering $250m (€206.1m) worth of real estate investments this year, according to people familiar with the matter.
As of the third quarter of 2020, the $13bn pension fund, which has an 8% allocation to real estate, had 6.5% of its total assets invested in the asset class.
According to sources, NMERB has approved a $50m commitment to the Kildare European Partners III fund as its first real estate commitment for 2021.
It is understood that Kildare Partners is seeking to raise $2bn for the fund which raised $150m during the first quarter of the year. Kildare will be investing in distressed assets that are located in a variety of markets in Europe.
NMERB is also expected to issue another commitment into a European industrial real estate fund.
The pension fund’s other planned commitments in 2021 include investing in a US value-add residential fund and a US property fund to target assets in the western part of the country.
NMERB declined a request for comment.
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