NM Pensions Fund Investments In "Risky Assets"

New Mexico has 85% of its public pension fund investments in "risky assets" which means stocks, real estate, private equity and perhaps hedge funds, reported a Wall Street Journal opinion piece today. The article was by Andrew G. Biggs, identified as a resident scholar at the American Enterprise Institute. Biggs mentioned six states. New Mexico was the champion embracer of risky investments. The other states were California (75%), the Texas Teachers Plan (81%), Pennsylvania (82%), Illinois (75%), New York (72%).