With AUM nearly tripling in the last six years, the New Mexico State Investment Council is adding six more people to its team of 42, including three portfolio managers focused on private equity, private debt and real estate investments.
The jobs are among several plum assignments opening at big institutions in recent days. The Maryland State Retirement and Pension System has posted openings this month for a managing director of venture capital and co-investments and for a senior portfolio manager of private markets. The Baltimore pension also seeks an associate to work on its emerging manager program. Meantime, the Santa Fe-based New Mexico Educational Retirement Board has launched a search for a deputy chief investment officer.
The portfolio managers of private equity, private debt and real estate at the New Mexico State Investment Council will be responsible for leading due diligence, maintaining a pipeline of prospects, and developing investment recommendations. Each role pays an estimated salary of $145,000 to $260,000. The jobs may be based in Santa Fe or Albuquerque. The PE portfolio includes buyouts, growth equity, special situations and venture capital; the real estate strategy includes both open and closed-end institutional real estate funds. Other open roles at the New Mexico SIC include a private equity analyst, a real estate & real asset analyst and a budget analyst.
New Mexico SIC Growth: The council is expanding its team in part to keep pace with growth in AUM, which has climbed from about $27 billion in 2020 to some $75 billion this year, placing it among the largest sovereign wealth funds in the United States. Much of the growth can be attributed to oil and gas revenue, according to Charles Wollmann, chief communications officer. In an interview this week Wollmann said the council ideally plans to add about 20 team members in the next two to three years. The council’s senior leadership includes newly appointed CIO Kristin Varela, who recently served as CIO of the Employees’ Retirement System of the State of Hawaii.
Maryland SRPS Jobs: The managing director of venture capital and co-investments at the $82 billion Maryland SRPS will oversee a team of four. Reporting to Deputy Chief Investment Officer of Private Markets Robert Burd, the role comes with an expected annual salary of $268,000 to $402,000. Applications are due by September 17, 2026. The senior portfolio manager of private markets, a level III role, will help pick managers for a portfolio of private equity, private credit, real estate and infrastructure assets; he or she will also work to expand the pension fund’s Terra Maria emerging manager program. The estimated yearly salary range for the position is $194,400 to $291,600. Applications are due by September 3. The investment associate role involves private markets due diligence and monitoring work, including work on the Terra Maria portfolio. The job pays an anticipated yearly salary of $69,600 to $104,400; applications are due by September 3. The investment team, which had about 50 members last year, is led by Chief Investment Officer Dianne Sandoval.
New Mexico ERB: The new deputy CIO of the $19.4 billion pension plan will help CIO Steve Neel develop a total fund strategy, as well as monitor the private markets portfolio, according to a job ad. The new hire will be part of an investment team of 16. Asset classes in the portfolio include private equity, private credit, real assets and hedge funds. Applications are due by October 19, 2026.
––Michelle “Moe” Saxton
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