East Coast investor commits $100m to Asian fund
The New Jersey Division of Investment, which manages $79.7 billion for the state of New Jersey, has committed $100 million to Real Estate Capital Asia Partners IV, an opportunistic fund managed by SC Investment Management, according to board documents.
RECAP IV is a pan-Asian fund that launched in June 2014 with an $800 million investment target. It had already raised $365 million by September, and has raised at least $490 million including the New Jersey commitment and a $25 million follow-on commitment from the Fort Worth Employees’ Retirement Fund in October. The fund will investment across property types and is seeking a 20 percent IRR.
NJDI liked that the investment added to its limited ex