The New Mexico State Investment Council announced on March 24 the appointment of Kristin Varela as its new Chief Investment Officer. Varela returns to New Mexico from Hawaiʻi to lead the state’s sovereign wealth fund, bringing nearly two decades of experience in financial markets and public pension asset management.
As Chief Investment Officer, Varela will oversee all aspects of the Council’s investment activities, including portfolio construction, risk management, performance measurement, and compliance. She will work closely with the executive team, staff, and external advisors to ensure that investment decisions align with the organization’s mission and fiduciary responsibilities. The council said she will focus on optimizing returns, safeguarding assets, and delivering sustained value to New Mexico communities.
“New Mexico shaped who I am, and I’m proud to return home and take on this role. I look forward engaging with policymakers, stakeholders, and community members to advance the Council’s strategic priorities and contribute to the prosperity and financial well-being of New Mexico,” Kristin Varela said.
State Investment Officer Jon Clark said: “We are glad to welcome Kristin back to New Mexico. Our team is confident that this appointment will further strengthen the SIC’s ability to serve as a trusted steward of public resources and foster innovation in public sector investment management.”
The search for a new CIO was led by Dr. Ashby Monk of Stanford Research Initiative on Long-Term Investing in partnership with Madison Gesser of Fram Partners. The process involved evaluating hundreds of candidates from leading asset owners worldwide.
Varela previously served as Chief Investment Officer for the Employees’ Retirement System of Hawaiʻi where she managed an approximately $26 billion pension portfolio. She also held several leadership roles at the Public Employees’ Retirement Association of New Mexico overseeing a $17 billion pension fund during a period of transition. According to the official roster page, Varela is recognized within her industry as a member of Markets Group’s Elite 100 Institutional Investors list in 2024 and 2026.
