Institutional Investors

New Mexico shuffles portfolio

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The New Mexico Public Employees' Retirement Association has allocated $25 million to Anchorage Capital Partners, while redeeming assets from two other hedge funds.

The $9 billion fund has roughly $500 million in about 20 hedge funds as part of its broader alternative investment portfolio. The entire portfolio has struggled over the past year, losing more than $3 billion in asset value following the payout of benefits.

The latest allocation to Anchorage, a long/short credit fund, was to be funded from cash, while officials approved a full redemption from Castlerigg Absolute Return totalling $24.3 million. A partial redemption of