SANTE FE, New Mexico (HedgeWorld.com)–The largest of the public investment funds in New Mexico will likely make its foray into hedge funds next month.
With US$12.5 billion in its permanent fund and assorted state investments, the New Mexico State Investment Council is about to make good on its promise to invest in hedge funds after a request-for-proposal process that began in January.
The State Investment Council won the right last year from the state legislature to place up to US$350 million into hedge funds. That allocation was delayed to allow for trustee education.
The statewide Prudent Investor Act went into effect on July 1 and allows state of New Mexico moneys to be invested in alternative investments, which include hedge funds.