New Mexico PERA Commits $150M to Private Equity

The New Mexico Public Employees’ Retirement Association has completed two re-up commitments in private equity.

A video recording from the July 12 Investment Committee meeting discloses a $50 million commitment in growth manager, JMI Equity Fund XI, and a $100 million commitment with growth manager, Warburg Pincus Global Growth 14.

As of March 31, 2022, the $17.8 billion Retirement Association had a 12.62% allocation to Private Equity compared to the 9% policy target.

Also at the meeting, Acting Deputy CIO of the Retirement Association, LeAnne Larranaga Ruffy, provided an update on the completion of the global equity restructuring that started in November of last year, as well as two investment manager terminations.

AllianceBernstein was hired for the global equity mandate with an allocation of $200 million.

Principal International Small Cap Equity was terminated by the Board. Funds will be reallocated to the global equity mandate.

DFA REIT was also terminated. “DFA was a full liquidation used to fund capital calls for commitments to illiquid real estate”, according to LeAnne Larranaga Ruffy.

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