The $74 billion New Jersey Division of Investment has earmarked $100 million for Stonepeak Global Renewals Fund, an investment vehicle managed by Stonepeak Infrastructure Partners.
New Jersey previously committed $125 million to Stonepeak Infrastructure Fund III in 2017. This is the fund’s first investment in Stonepeak Global Renewals Fund, the firm’s debut renewables fund, Kevin Higgins, a real estate portfolio manager at the New Jersey Division of Investment, confirmed in an email.
The fund launched in December 2019 with a fundraising target of $1.25 billion.
New Jersey has a 2.2 percent actual allocation to real assets against a 2.5 percent target.
