New Mexico To Invest $250M In Hedge Fund Waterfall

May 27 2011 | 11:33am ET

A major New Mexico pension is using its large opportunistic credit allocation to load up on hedge funds.

The New Mexico Educational Retirement Board next month will approve $250 million in allocations to Waterfall Asset Management, HFMWeek reports. $150 million will go to the Waterfall Eden Fund, which invests in high-yield and distressed asset-backed securities, with the balance going to the Waterfall Victoria Fund, which invests in less liquid ABS.

In February, the $9.2 billion pension invested $150 million in GSO Capital Partners as part of its opportunistic portfolio, which does not count against its 10% target allocation to absolute return strategies.

New York-based Waterfall is an affiliate of MD Sass-Macquarie Financial Strategies.

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