Investors - MARCH 24, 2014

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NJDI invests $100m in Och-Ziff real estate fund

by Andrea Waitrovich

The $76.5 billion New Jersey Division of Investment has made a first-time commitment to the Och-Ziff real estate fund series, managed by Och-Ziff Capital Management, during its March 19 meeting.

The pension fund invested $100 million in Och-Ziff Real Estate Fund III. The opportunistic fund launched in December 2013 with a $1 billion fundraising target. It invests in a 50-50 split between traditional real estate assets (multifamily, office, hotel and retail) and nontraditional real estate assets (including gaming, distressed land and residential, cell towers, parking, golf, debt, and senior housing).

Although this is the first real estate investment the investment division has made with Och-Ziff, NJDI has an existing relationship with the firm. It has invested in Och-Ziff’s funds specializing in U.S. structured credit, European cor

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