New Jersey could sell $1 billion in real estate fund investments
The $70.8 billion New Jersey Division of Investment may sell its interests in about 20 real estate funds, totaling more than $1 billion. The institutional investor has approximately $3.5 billion invested in real estate.
Some of the prospective funds for sale are underperforming, while others are duplicative in style. New Jersey Division of Investment will be looking to invest in lower risk funds and safer property types.
Tim Walsh, the director of the New Jersey Division of Investments, declined to identify the names of the funds until the potential sale is concluded. R.V. Kuhns & Associates, the pension fund’s consultant, will be assisting on any potential bids.
According to The Wall Street