New Mexico Ramps Up Fund of Hedge Funds Allocation

Nov 29 2007 | 12:08pm ET

The New Mexico State Investment Council has increased its allocation to funds of hedge funds in two funds it manages to 15% of assets from 10%.

To accommodate the bump up, the $10.85 billion Land Grant Permanent Fund will decrease its allocation to domestic equities from 53% to 51% and domestic fixed income from 18% to 15%, according to a spokesman. The $4.73 billion Severance Tax Fund will also decrease its domestic equities allocation, from 53% to 48%.

The SIC has currently invested in 16 funds of hedge funds, totaling more than $1.3 billion.

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