New Jersey commits $50m to medical office fund
The $71.2 billion New Jersey Division of Investment has committed $50 million to Hammes Partners III, according to board meeting documents. Hammes Partners III has a value-add investment strategy focused on the healthcare sector. It will invest in a mixture of U.S. medical office buildings and ambulatory centers. The fund will either buy existing assets and improve them or invest equity in new development projects. The fund opened in first quarter 2017 with a $600 million fundraising target. The fund has previously received additional commitments from the $2.3 billion City of Phoenix Employees’ Retirement System and the $25.5 billion Ohio Bureau of Workers’ Compensation. As of March 31, New Jersey had a target allocation to real estate of 6.05 percent and an actual allocation of 6.3 percent.