The Public Employees’ Retirement Association of New Mexico has earmarked $250 million in its latest round of real estate commitments, according to its Thursday agenda.
In one of the allocations, the pension system committed $150 million to a separate account with Rockwood Capital. The San Francisco-based firm, which declined to comment, invests across property types. PERA has previously allocated $115 million to the three latest vehicles in Rockwood’s value-added fund series, including $60 million to Rockwood Capital Real Estate Partners Fund X, according to PERE data.
Rockwood manages more than $8.3 billion, according to its website. The firm’s most recent publicly-disclosed real estate transaction was the February sale of Crossroads III, a three-building suburban office property in Sunnyvale, California, according to data provider Real Capital Analytics. Rockwood bought the building for $122.4 million in December 2010 and sold it for $290.7 million.
PERA also wrote a $100 million check to GEM Realty Capital for a fund of one, GEM Realty Evergreen Fund, in the pension system’s first commitment to the Chicago-based real estate company. GEM could not be reached for comment.
The firm’s most recent deal was the February acquisition of the Jamboree Business Center, a 156,000 square foot office property in Irvine, California, for $41.7 million in a joint venture with developer Pendulum Property Partners, according to RCA.
PERA managed $877.8 million in private real estate out of its $14.5 billion portfolio as of June 30, according to its most recent annual financial report. Opportunistic and value-added private real estate investments together returned 16.5 percent, 2.8 percent ahead of the strategies’ benchmark.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
