Public Employees Retirement Association (PERA) of New Mexico is redeeming its approximately $100m (€89.3m) investment in the Rockwood Multifamily Partners fund, according to a board meeting document.
The pension fund, which has been an investor in the open-ended US apartment fund since January 2022, disclosed that it had become over-allocated to the manager.
The redemption is intended to realign the portfolio with New Mexico PERA’s overall portfolio construction plan.
As of the end of 2025, Rockwood Capital comprised 22% of the pension fund’s overall real estate portfolio.
New Mexico PERA said that while multifamily exposure contributes to broad portfolio diversification, investment staff believe allocating to managers with broader multi-sector strategies, which include residential exposure alongside other asset classes, represents a more effective approach to achieving that diversification.
Rockwood Multifamily Partners targets newer, core-like apartment assets situated in urban and dense suburban markets across the US, targeting net internal rates of return of 8% to 10% alongside a 7% annual dividend.
The fund held a total gross asset value of $1.72bn through June 2026, according to a recent SEC filing.
To read the latest IPE Real Assets magazine click here.
