Public Employees Retirement Association (PERA) of New Mexico has made a second $100m (€87.3m) commitment to Stockbridge Niche Logistics Fund, an open-ended core-plus US logistics fund.
In a meeting document, New Mexico PERA said the partnership with the Stockbridge Core and Value Advisors managed fund presents an opportunity for the pension fund to invest in a “fragmented real estate sector” and a favourable opportunity for excess value through a unique and niche-oriented investment strategy.
The pension fund’s latest commitment follows on an initial $100m commitment issued in December last year.
The fund will be looking to find core-plus investments that can produce net internal rate of returns in the range of 8% to 10%. Around 80% of the fund’s returns will come from core-like income-producing return streams.
Stockbridge Core declined a request for comment.
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