New Mexico Educational Retirement Board (NMERB) has agreed to issue a $100m (鈧�98.4m) commitment to its existing core-plus real estate debt separate account relationship with Raith Capital Partners.
NMERB hired Raith Capital in May 2020 with a $50m commitment to target commercial mortgage-backed securities, leveraged buyouts, mezzanine and subordinated debt backed against US real estate.
At the time, the strategy was said to target gross returns of between 10% and 12%.
Mark Canavan, director of NMERB鈥檚 real return group said: 鈥淩aith has shown thoughtful execution with our initial capital and we felt strongly that they should be awarded an additional allocation.鈥�
According to the pension fund, the separate account has yielded a one-quarter return of 16.15%, a fourth-quarter 2021 return of 14.25% and an 11.78% return since inception.
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