New Jersey commits $200m to two real estate funds

The $79.2 billion New Jersey Division of Investment has allocated $200 million to two real estate funds, according to recent meeting documents.

The division has committed $100 million to Wheelock Street Real Estate Fund V, which invests in individual properties, portfolios and operating companies. New Jersey previously committed $140 million to Wheelock Real Estate Fund II in 2014.

Additionally, the division committed $100 million to Exeter Core Industrial Club Fund II. The fund, managed by Exeter Property Group, invests in fully leased industrial assets across 34 markets. New Jersey previously committed $200 million to Exeter Industrial Value Fund II in 2012.

The division has a 6.05 percent target allocation to real estate; its actual allocation is 6.3 percent.