The pension fund that manages assets for New Mexico’s teachers and professors disclosed this week it has given investment staff a bit of new authority: the ability to execute transactions on alternative secondary markets.
Reported by Pensions & Investments:
New Mexico Educational Retirement Board, Santa Fe, delegated general, ongoing authority to the staff to execute transactions on the alternative investment secondary markets “when it is deemed appropriate by staff and the asset class consultant,” said Bob Jacksha, chief investment officer of the $11.2 billion pension fund, in an e-mail.
This is blanket authority across all non-publicly traded asset classes, Mr. Jacksha said.
“Secondary transactions are difficult to execute in the traditional committee approval structure/timetable,” Mr. Jacksha wrote. “This authority is in recognition of that fact. It is expected to be used sparingly.”
The authority is not attached to any one specific transaction, Mr. Jacksha said.
The pension fund had $271 million in private real estate and $849 million in private equity as of June 30.
The New Mexico Educational Retirement Board manages $11.2 billion in assets for 132,000 members.