New Jersey commits $300m to noncore real estate funds
The $74.45 billion New Jersey Division of Investment has approved a total of $300 million in investments to two noncore real estate funds: Northwood Investors’ Northwood Real Estate Partners Series IV and Hammes Company Health Care’s Hammes Partners II.
The division of investment committed $200 million to Series IV, the firm's recently launched fund. It has a $800 million fundraising goal. The opportunistic fund pursues real estate investments on a global basis by investing in the capital structures of assets and companies, with a particular focus on major metropolitan areas of the United States and super-regional markets in Europe. The fund executes long-term value creation plans and has an emphasis on attractive unlevered yields providing superior risk-adjusted returns. Additionally, Northwood derives substantial value by internally managing operationally intensive property types