New Mexico Educational Retirement Board has invested USD 80 million across three private real estate funds. Two of the vehicles are managed by Lone Star. USD 25 million was committed to Lone Star Fund VII, a global vehicle that allocates to real estate debt. Another USD 25 million was allocated to Lone Star Real Estate Fund II, a global private equity real estate fund that invests in distressed real estate markets and real estate debt. Furthermore, it invested USD 30 million in Lionstone Group's Cash Flow Real Estate Fund. In Q2 2009 57.5% of New Mexico’s real estate portfolio was committed to REITs with the remainder invested in private equity real estate, closed-ended debt and core funds. Other private equity real estate commitments include a USD 25 million investment in Greenfield Acquisition Partners V; a global vehicle investing in a number of property markets including office and hotel sectors.