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In an attempt to fortify New Mexico’s pipeline for nurses, teachers and social workers, state lawmakers appropriated $170 million over a recent three-year period to expand higher education faculty endowments. But some of that money has not been used as intended and delays in implementation have blunted its intended impact, according to a new legislative report released Thursday.
An RFP was issued in May and the district plans to invest $20 million and $200 million under the guidance of the selected firm.
The transaction is expected to close early next year.
The plan will seek a global equity manager to equitize upcoming proceeds.
Interested firms must be raising at least $300 million in commitments.
The plan will reduce its domestic large-cap growth exposure by eliminating an existing manager.
The deferred compensation plan is looking to create a bench of qualified investment managers.
The fund saw a decline of more than $500 million in assets since 2021.
Five total firms were interviewed at a board meeting yesterday.