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New Jersey commits $850m to real assets

by Reg Clodfelter

The New Jersey Division of Investment, which is responsible for the investment management of the seven pension funds that comprise the New Jersey Pension Fund and the State of New Jersey Cash Management Fund, has committed $850 million to real assets, including $550 million to The Blackstone Group, according to board documents. The commitments will be partially offset by a redemption in process of approximately $400 million from CT High Grade II, a core commercial real estate debt fund managed by Blackstone.

The only commitment that did not go to Blackstone was a $300 million commitment to TGM Associates to run a separate account focused on value-added multifamily investments across the United States. NJDI felt that it is currently underweight to the multifamily sector within its real estate portfolio, and that the separate account would allow it to add exposure to the sector at a more attractive fee and governance structure than a tr

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