Kristin Varela
STATE News:
SANTA FE — New Mexico State Treasurer Laura M. Montoya is proud to congratulate and welcome Kristin Varela as the newly appointed Chief Investment Officer (CIO) of the New Mexico State Investment Council (SIC).
A native of Pecos, N.M., Varela returns to her home state following a distinguished tenure as the Chief Investment Officer (CIO) for the Employees’ Retirement System of the State of Hawaii, where she manages a $24 billion portfolio.
Varela’s appointment marks a historic milestone for the SIC as its first female Chief Investment Officer. Her return to New Mexico follows her previous service as the Interim CIO for the Public Employees Retirement Association (PERA) of New Mexico. Her expertise was recently recognized on a global stage, as she was named to the prestigious Markets Group 2026 Elite Institutional CIO list last month.
“The SIC is making history! I am absolutely thrilled to welcome Kristin Varela back home to New Mexico,” State Treasurer Montoya said. “To have a Latina of her caliber—someone who has already made such profound contributions to the global investment world—leading our portfolio is a win for every New Mexican. Her leadership will be instrumental as we work toward our goal of becoming the nation’s largest sovereign wealth fund. Kristin’s journey from Pecos to managing multi-billion-dollar portfolios proves that New Mexico talent is world-class.”
The appointment comes at a pivotal time for the State Investment Council, which recently updated its mission statement to explicitly include diversity as a driver for higher returns and mitigation of risk.
This shift is supported by industry-wide data:
- The Representation Gap: According to a 2021 Knight Foundation Study, 98.6% of U.S. assets across all asset classes are currently managed by non-diverse asset management teams.
- The Performance Edge: Data from the National Association of Investment Companies (NAIC) suggests that diversity is a competitive advantage. The NAIC Diverse Private Equity Index outperformed the median fund in the Burgiss benchmark group, generating a net Internal Rate of Return (IRR) of 17.2%, compared to the median performance of 11.6%.
“By bringing an educated Latina with a proven track record of high-level asset management to the helm, the SIC is aligning its leadership with both its mission and the financial interests of the state’s beneficiaries. Ms. Varela’s appointment is a win for embracing diversification and a strategic move for our state’s financial future,” Montoya added. “We are ready to get to work.”
“Returning home to serve the state and its people is an opportunity I’m thrilled to take on. As one of the few New Mexican women in allocator markets, I am humbled by the responsibility I carry and deeply committed to representing the communities that have shaped me,” Varela said.
About the New Mexico State Investment Council
The New Mexico State Investment Council (SIC) is responsible for managing New Mexico’s permanent funds, aiming to maximize returns for the benefit of current and future generations of New Mexicans through prudent and diverse investment strategies.
SIC Mission:
The New Mexico State Investment Council will preserve, diversify, provide transparency, and grow the assets placed under management to enrich lives of all New Mexicans.
SIC Vision:
For the betterment of all New Mexicans, become the best managed and diversified sovereign wealth fund in the world.
About CIO Kristin Varela
Kristin holds a BBA in Finance from New Mexico Highlands University, and is a recognized industry leader, featured in the 2024 & 2026 Markets Group “Elite Institutional CIOs” as well as a 3-time finalist of the Chief Investment Officer “Industry Innovation Awards,” and a top “Forty-Under-Forty” next generation leader (2017). She is from a multi-generational family of local New Mexicans and is a proud mother to her son.