New Mexico Educational Retirement Board reduced its commitment to TPG Real Estate's latest opportunity fund, which is looking to raise $3 billion, after the fund was oversubscribed, IPE Real Assets reported.

The pension fund was originally looking to place $50 million with the private equity firm's TPG Real Estate Partners III, but had to lower its commitment to $40 million because of the level of investor demand. The board could pledge the remaining $10 million in the future by acquiring a stake in the fund on the secondary market.

The fund will be looking to mainly make investments in the range of $100 million to $300 million, but will also target smaller equity investments to finance future growth, the publication noted.

TPG did not offer a comment on the matter, according to the report.