New Mexico Jumpstarts Portable Alpha Program

The board of the $13 billion Public Employees Retirement Association of New Mexico last month authorized the first phase of the system’s portable alpha program.

PERA’s board set the alpha program, which is separate from the system’s current hedge fund strategy, at 5% of total assets and plans to increase it to 10% after 12-18 months, according to Robert Gish, PERA’s chief investment officer.