Public Employees Retirement Association (PERA) of New Mexico is ending its relationship with global real estate investment trust (REIT) manager Dimensional Fund Advisors.
The US public pension fund disclosed in a meeting document that the capital redeemed from the $123.3m (€122m) REIT portfolio will be used to fund “upcoming capital calls” and for other liquidity needs.
The strategy for Dimensional Fund REIT account – benchmarked to the Wilshire Global REIT Index – provides access to a broad range of US and non-US real estate companies.
New Mexico PERA said that, following a review, it has decided to retain Security Capital as its sole REIT manager. Security Capital manages a $136.2m US portfolio and a $4m global REIT portfolio.
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