The $71.16 billion New Jersey Division of Investments has decided not to invest $100 million into EQT Infrastructure III, as previously reported, according to a board-meeting document.
The proposed investment to the EQT fund was presented to the pension fund at its November 2016 meeting. After extensive negotiations, New Jersey was unable to reach an agreement with EQT on the terms of the legal documents, according to the board-meeting document.
EQT Infrastructure Fund III held a final close Feb. 21 at its hard cap of €4 billion ($4.27 billion) in equity commitments. The fund invests in European infrastructure properties.
New Jersey will continue to seek investment opportunities in the infrastructure asset class.