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New Jersey DOI makes $650m of real assets and real estate investments
Investors - FEBRUARY 1, 2024

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New Jersey DOI makes $650m of real assets and real estate investments

by Lewis Dayton

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, 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 towards real estate and 2.45 percent ($2.2 billion) was invested in real assets, both under their respective t

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