New Mexico Public Employees Retirement Association

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New Mexico Public Employees Retirement Association (PERA)
Basic facts
Location:	Santa Fe, New Mexico
Top official:	Paula Fisher, board chair
Year founded:	1947
Active members:	47,855
Website:	Official website
Total assets under management
2023:	$17,058,022,761

See also: Public pensions in New Mexico

The New Mexico Public Employees Retirement Association (PERA) is a New Mexico state pension fund that provides retirement, disability, and survivor benefits to the state's public employees. PERA had $17,058,022,761 ($17.1 billion) in total assets under management as of June 30, 2023.

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

• Background: Information about the structure and functions of PERA.
• Pension performance overview: Overview of the funding level and assets managed by PERA.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with PERA, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about PERA's oversight board, including members and selection.

Background

See also: Public pensions

The New Mexico Public Employees Retirement Association (PERA), founded in 1947, invests the assets of and provides funding for the state’s public employees. It managed 31 retirement plans with two benefit tiers, and operated as a defined benefit plan as of May 2024.

PERA served over 47,855 active members and approximately 45,216 retirees and beneficiaries as of June 2023.

Pension performance overview

The following table features information about the funding level and assets managed by the New Mexico Public Employees Retirement Association (PERA) as of June 30, 2023:

New Mexico Public Employees Retirement Association pension performance (June 30, 2023)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2023	67.7%	$8,142,164,631	$17,058,022,761

Assets and asset management

Asset management companies (AMCs) contract with pension funds to manage asset investment. Some pension funds contract with multiple AMCs, some contract with a single AMC, and others make their own investment decisions without contracting with an AMC.

More than 300 AMCs as of December 2022 were members of the Net Zero Asset Managers Initiative (NZAM), and 362 asset managers as of June 2023 were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aim to align signatory investment decisions with the goal of achieving net zero greenhouse gas emissions by 2050.

List of AMCs contracting with the New Mexico Public Employees Retirement Association

The New Mexico Public Employees Retirement Association (PERA) contracted with 224 asset management companies (AMCs) or specific funds as of March 31, 2022. Of those companies, 16 were investor participants in Climate Action 100+, and 12 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with PERA:

• Acadian International Equity (NZAM, Climate Action 100+)
• ACM II
• Aermont Cap RE Fund IV
• AG Super Fund LP.
• Altaris Con Partners IV
• Altaris Health Partners IV
• Altaris Health Partners V
• Anchorage
• Antin III
• Ardian Americas V
• Ardian Infrastructure IV
• Ardian V
• Atalaya SOF VI
• Athyrium Opportunities Fund lI, LP.
• Axiom Emerging Markets (Climate Action 100+)
• BEP Legacy A LP
• BlackRock Core Active (NZAM, Climate Action 100+)
• BlackRock Equity Transition (NZAM, Climate Action 100+)
• BlackRock Global Fl (NZAM, Climate Action 100+)
• BlackRock MSCIACWI Minimum Volatility (NZAM, Climate Action 100+)
• Blackstone Real Estat Part Euro II! LP
• Blackstone Real Estate Partners VIl
• BPG Investment Partnership VIII
• Brookfield Infrastructure Fund Il LP (NZAM)
• Brookfield Infrastructure Fund Ill (NZAM)
• Canyon Value Realization Fund, LP.
• Carlyle Partners V, LP.
• Carlyle Partners VI LP
• Carlyle Power Partners II
• Carlyle Realty Partners V LP.
• Carlyle Realty Partners VI, LP.
• Cash Account
• Cash-Corporate Action
• Century Focused Fund IV
• Cerberus Global RPL
• Cerberus Inst. Partners LP- Series 4
• Charterhouse Capital Partners |X
• Charterhouse Capital Partners X
• Cheyne V (Climate Action 100+)
• Coller International Partners V, LP.
• CVC European Equity Partners V
• CVC VII
• Denham Cap. Part. VI Coinvestment
• Denham Commodity Partners Fund VI, LP
• Deutsche Listed Infrastructure
• DFA Real Estate Securities
• DFA US Targeted Value
• DFJ Fund XII LP
• Dorsal
• Draper Fisher Jurveston X, LP
• Eagle Point
• Ellington HF
• Elliot
• Encap Energy Capital Fund IX, LP.
• Encap Energy Capital Vil, LP.
• Encap Energy Capital Vill, LP.
• EnCap Energy Capital XI, LP.
• EnCap Flatrock Midstream Fund III
• Enchantment PH Co-Invest
• European Real Estate Debt Fund II
• European Real Estate Debt Fund Ill
• Farallon Capital Inst. Partners, LP
• First Reserve Fund Xl, LP
• FountainVest Fund Il
• Four Corners FF
• Garda
• Garrison Opportunity Fund IV A LLC
• GEM RLTY EVERGREEN
• General Catalyst Endurance
• General Catalyst Ignition
• Glazer
• Glide Buy-Out Fund IV
• Global Equity Overlay
• GTCR X, LP.
• GTCR XI, LP.
• Guggenheim Global High Yield
• Harrison Street Real Estate Partners V
• Harrison Street Real Estate Partners VI
• Harrison Street Real Estate Partners Vil
• Harrison Street Real Estate Vill
• Harvest MLP Alpha
• Hellman & Friedman Cap. Part. VI
• Hellman & Friedman Cap. Partners VII
• Hellman Arrow 1
• Hellman Samsn Heky 1
• Hellman Samsn Shield
• Hellman Samson Brunella SPV
• Hellman X
• Helm & Frid Spock 1
• HIG Bayside Loan Opportunity Fund II
• IFM Global Infrastructure Fund, LP. (NZAM, Climate Action 100+)
• institutional Venture Partners XIII
• Institutional Venture Partners XIV LP
• JM! Equity Fund VI, L.P.
• JMI Equity Fund Vil, L.P.
• Kayne Anderson Energy Fund V, LP
• Kayne Anderson Small Core
• KBI Global Investors EAFE Dev (NZAM, Climate Action 100+)
• Kelso Investment Advisors IX
• Kelso Investment Associates X
• Kelso Investments Assoc. VIII, LP
• King Street Capital, LP.
• KKR Global Infrastructure Investors I
• KRG Capital Fund IV, LP.
• KSL Capital Partners IV
• Lazard Emerging Markets Debt (NZAM, Climate Action 100+)
• LGIMA Credit Overlay
• LGIMA Global Equity Overlay
• LGIMA Overlay
• LGIMA TAA Overlay
• Lime Rock Partners V, LP.
• Lime Rock Partners VI, LP.
• Lime Rock Resources Ill
• Lincolnshire Equity Fund |v, L.P.
• Linsalata Capital Partners Fund VI, LP
• MacKay Shields Core Investment Grade
• Madison Dearborn Patriot SPV
• Madison Dearburn Cap. Partners VI, LP
• Madison Real Estate Debt
• Manulife Core Global Agg. Fixed Income (Climate Action 100+)
• Marshall Wace Eureka (Climate Action 100+)
• Mass Ascension Co-Invest
• MFS International Value (Climate Action 100+)
• Millenium
• MINA III
• Montagu VI
• Mudrick Stressed CR FKA CVC
• Napier Park Class A
• Napier Park Class B
• Natural Gas Partners Fund IX
• Natural Gas Partners X
• New Enterprise Associates 13
• New Enterprise Associates 14
• NEW ROCK CORE FUND
• NGP Natural Resources Xl, LP
• NGP XII
• Nordic Capital Fund Vil
• North Haven VII
• NT MSCI ACWI x-US Index
• Oaktree Eur. Prin. Fund I!l(US), LP
• OCM Opportunities Fund Vil, LP.
• OCM Opportunities Fund Vilb, LP.
• OCM Opportunities Fund Vill, LP
• ON Dearborn Vill
• Onex Partners Ill, L.P
• Onex Partners IV LP
• Onex Partners V, LP.
• Orchid Asia
• Pacific AA
• Paine and Partners Capital Fund IV
• Parametric Bonds Plus (Climate Action 100+)
• Parametric Credit Cash Overlay (Climate Action 100+)
• Patria PE Fund VI
• Pavilion Global Transition
• Perella Weinberg III
• Petershill
• Petershill IV
• Pharo Gaia Fund
• PIMCO Commodities
• PIMCO TIPS
• Pine Bridge Passport |
• PineBridge High Yield (NZAM)
• Portable Alpha
• Principal International Small Cap
• Providence Equity Partners VI, L.P
• Prudential Core Conservative
• Quantum Energy Partners IV, LP.
• Quantum Energy Partners V, LP
• R/C Global Energy & Power Fund IV
• R/C Renewable and Alt. Energy Il
• RCP Fund of One
• Real Assets Cash Overlay
• Risk Mitigation Overlay
• Riverstone Global Energy & Power Fd V
• Rockpoint Fund Il
• Rockpoint Fund Ill
• Rockwood Cap. Real Estate Part. IX, LP
• Rockwood Cap. Real Estate Part. X, LP
• Rockwood Cap. Real Estate XI
• RRJ Capital Master Fund Ill LP
• Russell Transition (NZAM, Climate Action 100+)
• Sarofim
• Schroder International Small
• Security Capital Alpha
• Security Capital Beta
• Selene Res. Mortgage Opp. Fund Il LP
• Silver Point Capital Fund, L.P
• Sixth Street Ops Ill
• SSgA ACWI IMI Index Fund
• SSgA Russell 1000 Index
• Stark Investments
• Starwood Distressed Opportunity IX, LP
• Starwood Global Opportunity VIII, LP
• Starwood Global Opportunity XI
• Starwood Opportunity Fund X
• Starwood XII
• Stockbridge NLF
• Stockbridge Value Fund IV
• Sun Capital Partners V, LP.
• Systematica
• Technology Crossover Ventures Ix, LP
• Technology Crossover Ventures VII, L.P
• Technology Crossover Ventures X, LP
• Tenex Capital Partners III
• The Resolute Fund II, L.P.
• The Resolute Fund Ill, LP.
• The Resolute Fund IV, L.P.
• The Resolute Fund V, LP.
• Tillridge
• TimesSquare Capital SMID Cap Growth
• TPG Asia V, LP
• TPG Partners VI, LP
• TPG-Axon Partners, LP
• Trinity Ventures XIl
• Two Sigma
• Walton Street Real Estate Fund VI
• Warburg Pincus GG
• Warburg Pincus PE Xl
• Wayzata Opportunities Fund II, LP
• Wayzata Opportunities Fund Il, LP.
• Wheeler Peak Rotational Credit
• Wheelock Street Real Estate Fund II
• White Sands Tenex Co-Inv
• Zia Risk Parity Fund

Governance and accountability

This section features information about the 12-member board of trustees that oversees the New Mexico Public Employees Retirement Association (PERA). The board is specific to oversight of PERA and exercises oversight duties for each sub-fund PERA accounts for.

Board selection method

The board of trustees that oversees PERA is made up of 12 members. The board is composed of four members under a state coverage plan elected by state members; three members under a municipal coverage plan elected by municipal members; one municipal member employed by a county elected by municipal members; two retired members elected by PERA retirees; the secretary of state; and the state treasurer.

Board of trustees membership

A 12-member board of trustees oversees the operation and administration of PERA. The following individuals served on the board as of May 2024:

• Paula Fisher, board chair
• Valerie Barela, vice chair
• Juan Diaz
• Tony Garcia
• Laura Montoya
• Steven Astorga
• Francis Page
• Shirley Ragin
• Roberto Ramirez
• Augustine Romero
• Diana Rosales-Ortiz
• Maggie Toulouse Oliver

See also

• Public pensions in New Mexico
• Environmental, social, and corporate governance (ESG)
• Areas of inquiry and disagreement related to environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

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