The New Jersey Division of Investment (NJDOI), one of the largest U.S. pension fund managers, has made an investment of $500 million as an initial capitalization for an NJ StepStone Real Assets SMA and a commitment of $150 million to KSL Partners Tactical Opportunities Fund II, confirmed Niraj Agarwal, head of real assets at NJDOI.
The StepStone SMA will mostly seek out co-investment, co-underwriting and secondaries opportunities, with the flexibility to make select fund commitments, and will initially target investments in infrastructure and energy-transition assets.
The second vintage of KSL Capital Partner’s Tactical Opportunities Fund is seeking to raise $1 billion and will invest in debt, direct property and equity opportunities in the United States.
As of Oct. 31, 2023, 5.69 percent ($5.1 billion) of NJDOI’s $89.4 billion portfolio was allocated toward real estate and 2.45 percent ($2.2 billion) was invested in real assets, both under their respective