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New Jersey Division of Investments to sell nearly $1 billion in secondaries

by Sara Kassabian

The $75.6 billion New Jersey Division of Investments (NJDI) has sold its interest in 25 real estate private equity funds valued at $925 million to an entity between joint venture partners NorthStar Realty Finance and NorthStar REIT, and funds managed by Goldman Sachs Asset Management, confirmed Timothy Walsh, director of NJDI.

Walsh will announce which of NJDI’s fund interests were sold at a meeting on July 11.

The firms agreed to pay $510 million to the fund interests in a first close to be held at the end of June or July, and to pay the remaining $415 million in subsequent closings that will be held over a four-year period, according to a

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