Institution: New Jersey Division of Investment
Headquarters: Trenton, United States
AUM: $84.64 billion
Allocation to alternatives: 25.96%
The New Jersey Division of Investment agreed to commit up to $200 million to Morgan Stanley Prime Property Fund (open-ended) at its May 2021 investment council meeting, a contact at the pension confirmed to PERE.
The fund is an open-ended vehicle focused on US investments diversified by property type and geography. It aims to provide stable income with value appreciation.
As illustrated below, NJDOI’s recent private real estate fund commitments have focused primarily on investments in North America and Western Europe. The pension has an 8 percent target allocation to private real estate which currently stands at 5.75 percent.
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