<p>Public Employees Retirement Association of New Mexico has begun to invest in core real estate for the first time.</p> <p>The pension fund has entered into a joint venture with Sarofim Realty Advisors to invest $150m (&euro;140m) in predominantly core and core-plus retail properties.</p> <p>The investment marks a departure for New Mexico PERA, which has only ever invested in value-added and opportunistic real estate.&nbsp;Last year,&nbsp;<a href="https://realestate.ipe.com/news/investors/new-mexico-pera-backs-harrison-street-and-eyes-private-core/10014847.article">IPE Real Estate reported</a>&nbsp;on its plans to move into core.</p>