New Mexico Pension Hires Fund Of Funds, Names P.E. Finalists

Apr 21 2010 | 2:23am ET

The New Mexico Educational Retirement Board is moving ahead with the restructuring of its alternative investments portfolio, hiring a new fund of hedge funds and continuing its search for a new private equity consultant.

The $8.7 billion pension has hired GAM Trading to run a $150 million absolute-return portfolio, Pensions & Investments reports. NMERB had cut ties with its existing funds of funds, Austin Capital and Deutsche Bank’s Topiary business, going so far as to sue the former over losses suffered in the Bernard Madoff Ponzi scheme.

The pension is also intensifying its search for a replacement for Aldus Equity Partners, its former private equity consultant, which was canned in June after Aldus was implicated in the New York pension pay-to-play scandal. The board plans to interview the three finalists, NEPC, Meketa Investment Group and Sun Mountain Capital, next month.

NMERB will waste no time in picking, either: It plans to select from the three at the same May meeting.

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