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.