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New Mexico Educational Retirement Board
Chartered in 1957, the New Mexico Educational Retirement Board provides retirement security for more than 63,000 active teachers, administrators, and staff,...
New Mexico Educational Retirement Board
Chartered in 1957, the New Mexico Educational Retirement Board provides retirement security for more than 63,000 active teachers, administrators, and staff, plus another 110,000 inactive members and beneficiaries. The agency operates from Santa Fe, with a district office in Albuquerque. Jacksha's team constructs a portfolio that reaches well beyond a typical pension's core fixed-income and public-equity allocation. Asset classes include buyout and growth equity, natural resources, timber, agriculture, venture capital at seed and early stages, venture debt, mezzanine, distressed debt, secondaries, and CLOs. The fund accesses these markets through a mix of direct fund commitments, co-investment vehicles, and specialized partnerships — including Tiverton AgriFinance II, Blue Road Capital II, and Tiverton Ag Legacy Holdings II, which target farmland and agricultural credit strategies. NMERB's governance is handled by a Board of Trustees chaired by H. Russell Goff, with Mary Lou Cameron as vice chair. The fund is a member of the Council of Institutional Investors and Climate Action 100+, and participates in the Net Zero Asset Managers initiative, signaling a formal posture on climate engagement across its portfolio. In recent years, the board has maintained steady staffing under Executive Director David Archuleta and has not undergone major publicly disclosed mandate overhauls or CIO transitions. What structurally separates NMERB from its peers is its integration of a direct natural-resources portfolio — including timber and agriculture composites — alongside a broad alternatives program. Many U.S. public funds outsource nearly all private-market exposure to consultants and gatekeepers; NMERB blends in-house real-asset holdings with fund commitments, giving the investment team a direct operational lens on a subset of its inflation-sensitive assets.
General information
Firm type
Pension Fund
Year founded
1957
Location
Region
North America
Country
United States
City
Santa Fe
Corporate office
5211 Las Soleras Drive, Santa Fe, NM 87507, United States
Additional offices
8500 Menaul Blvd. NE, Suite B-450, Albuquerque, NM 87112, United States
Principals
Bob Jacksha
Chief Investment Officer
David Archuleta
Executive Director
H. Russell Goff
Chair of the Board of Trustees
Mary Lou Cameron
Vice Chair of the Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at New Mexico Educational Retirement Board?
Chief Investment Officer Bob Jacksha leads the investment program. He reports to an 11-member Board of Trustees, currently chaired by H. Russell Goff with Mary Lou Cameron as vice chair. The board sets policy and approves asset allocation ranges, while the internal investment team executes the strategy across public markets, private markets, and real assets.
How does NMERB access private markets — fund commitments, direct deals, or co-investments?
NMERB uses a hybrid model. It commits to external private-market funds across venture capital, buyout, growth equity, private credit, distressed debt, and secondaries. It also participates in direct co-investments and has dedicated vehicles for natural resources, including timber and agriculture composites. Named partnerships include Tiverton AgriFinance II and Blue Road Capital II.
What is NMERB's exposure to natural resources and real assets?
The fund maintains a direct natural-resources portfolio that covers timber, agriculture, and related credit strategies. This includes a timber composite and an agriculture composite held directly by the fund, alongside commitments to specialized vehicles like Tiverton Ag Legacy Holdings II. The in-house exposure gives NMERB a differentiated inflation hedge relative to peers that own real assets only through commingled funds.
Does NMERB invest in venture capital and at what stages?
Yes, NMERB participates across the venture lifecycle. Tagged strategies include early stage, seed, start-up, late stage, and venture general. The fund also invests in venture debt. Access is primarily through external fund managers, consistent with the pension's broader manager-selection model for private markets.
How is NMERB governed, and who sits on the board?
An 11-member Board of Trustees governs the fund. Members represent educators, administrators, and public stakeholders. H. Russell Goff serves as board chair and Mary Lou Cameron as vice chair. The board oversees the system's strategic direction and fiduciary obligations, while day-to-day operations are managed by Executive Director David Archuleta and his investment, benefits, and operations teams.
Is NMERB involved in climate or ESG initiatives?
NMERB is a member of Climate Action 100+ and participates in the Net Zero Asset Managers initiative, aligning its investments with broader engagement on greenhouse gas emissions and climate-risk disclosure. The fund's membership in the Council of Institutional Investors also places it in the mainstream of governance and stewardship-focused U.S. asset owners.
How does NMERB's investment performance compare to other public pension plans?
The fund is regularly cited as one of the top-performing U.S. public pension systems by return on investment. The plan serves roughly 63,000 active teachers and staff plus 110,000 inactive or retired participants across New Mexico. Specific return figures and rankings are published in the board's annual actuarial and investment reports.
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