New Jersey Division of Investment makes $300m in commitments

The Trenton-based public pension has backed two vehicles targeting investments in North America.

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Institution: New Jersey Division of Investment
Headquarters: Trenton, US
AUM: $94.44 billion
Allocation to alternatives: 27.2%

The New Jersey Division of Investment disclosed up to $300 million in commitments across two private real estate vehicles, at its September 2021 investment council meeting.

The commitments comprised $150 million each to Hammes Partners IV and TPG Real Estate Thematic Advantage Core-Plus JV I. Both vehicles employ a core-plus strategy targeting investments in North America.

The commitment made to the fund managed by Hammes Partners accounts for approximately 22 percent of its $675 million target size.

As illustrated below, NJDOI’s recent private real estate fund commitments have focused primarily on investments in North America across different sectors. The pension has an 8 percent target allocation to private real estate which currently stands at 5.69 percent.

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