New Jersey raises real estate target
The New Jersey Division of Investment has raised its target allocation to real estate from 5.25 percent to 6.25 percent, confirms the Treasurer’s Office of the state of New Jersey. The deployment of the capital is not subject to many restraints, as it will be deployed to various real estate structures and strategies across geographic regions and property types. Deployment will be subject to an ongoing pacing analysis. With nearly $72 billion in assets under management, NJDI has room for more than $700 million in additional real estate investment. As of May 31, NJDI had 5.19 percent of its total assets invested in real estate. Real estate has been NJDI’s top performer as of late, returning 9.08 percent between July 2015 and the end of May 2016.