New Jersey SIC approves $200m commitment to Cerberus real estate fund

The New Jersey State Investment Council (NJSIC), which consults with and formulates policies governing the investment of funds by the director of the New Jersey Division of Investment, has approved a $200 million commitment to Cerberus Real Estate Partners (CREP) VI.

Managed by Cerberus Capital Management, CREP VI is seeking $3 billion and will invest opportunistically in undervalued and/or distressed real estate and real estate-related investments in markets globally.

For the fiscal year that ended on June 30, the New Jersey Division of Investment (NJDOI) posted a net return of 9.06 percent, outperforming its 8.43 percent benchmark.

Over the past three, five and 10 years, the NJDOI has yielded net annualized returns of 8.92 percent, 6.80 percent and 7.51 percent, respectively, compared with those time periods’ respective benchmarks of 9.40 percent, 7.86 percent and 7.92 percent.

As of June 30, 5.68 percent ($5.29 billion) of NJDOI’s $93.2 billion of