New Mexico Educational Retirement Board tells IPE Real Assets it invested $40m. : TPG Real Estate’s latest opportunity fund, which is seeking to raise $3bn (€2.6bn), is over-subscribed, according to one of its investors. New Mexico Educational Retirement Board (NMERB) told IPE Real Assets that it wanted to commit $50m to TPG Real Estate Partners III but had to reduce this to $40m due to the level of investor demand. NMERB said it could look to invest the remaining $10m at a future date by purchasing a stake in the fund on the secondary market.