Kristin Varela
The New Mexico State Investment Council, the state’s sovereign wealth fund, announced Tuesday the appointment of Kristin Varela as CIO.
The role will bring Varela back to her native state, having served as CIO of the Employees’ Retirement System of the State of Hawaii since 2023.
Varela highlighted her roots in the state as part of the announcement.
“New Mexico shaped who I am, and I’m proud to return home and take on this role,” Varela said in a statement. “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.”
Before leading investing for Hawaii ERS, Varela spent eight years at the Public Employees Retirement Association of New Mexico, most recently as deputy CIO, and served as interim CIO between the departure of Dominic Garcia and the arrival of Michael Shackelford.
“We are glad to welcome Kristin back to New Mexico,” said Jon Clark, state investment officer at the New Mexico State Investment Council, in a statement. “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 sovereign fund’s search for a CIO was led by Ashby Monk, executive director of the Stanford Research Institute on Long-Term Investing, in partnership with asset owner executive search firm Fram Partners.
“New Mexico’s SIC is one of the most exciting SWFs in the world today. It’s likely to be America’s largest SWF by the early 2030s,” Monk wrote in a LinkedIn post last year. “It is actively converting oil [revenue] into universal childcare; royalties into resilience, and it is now delivering truly innovative in-state investment programs to catalyze the industries of the future, on the back of incredible [intellectual property] emerging out of local research institutions.”
SIC, established in 1958, manages excess revenues from New Mexico’s oil and gas production. The fund manages $71 billion in assets and expects to return more than $42 billion in distributions to the state over the next decade for services such as public schools, early childhood programs, universities, hospitals and other services.
Varela was a finalist in CIO’s 2021, 2024 and 2025 Industry Innovation Awards, and she was named to CIO’s 2017 40under40 list and CIO’s 2024 and 2025 Power 100 lists. She earned a bachelor of business administration degree from New Mexico Highlands University in Las Vegas, New Mexico.
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Hawaii ERS Names Kristin Varela as New CIO |
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Tags: Hawaii Employees' Retirement System, Kristin Varela, New Mexico State Investment Council