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New Jersey Division of Investment confirms $300m commitment

The US public pension has committed to a separately managed investment vehicle.

Institution: New Jersey Division of Investment
Headquarters: Trenton, US
AUM: $92.68 billion
Allocation to alternatives: 25.73%

The New Jersey Division of Investment agreed to commit up to $300 million to NJDOI/TGM Associates Separate Account at its July 2021 investment council meeting, a contact at the pension confirmed to PERE.

The separately managed investment vehicle, managed by TGM Associates, focuses exclusively on the multifamily sector in the US.

As illustrated below, the pension’s recent private real estate fund commitments have focused primarily on investments in North America and Western Europe. It has an 8 percent target allocation to private real estate which currently stands at 5.48 percent.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.