The $71.6 billion New Jersey Division of Investment (NJDOI) is considering a commitment of up to $400 million to StepStone Real Estate Partners SMA (separately managed account), a vehicle of StepStone Group, according to meeting materials from Jan. 29.

StepStone Real Estate Partners SMA will focus on investments that include secondaries opportunities in the United States.

NJDOI has an 8 percent real estate allocation target as of Dec. 31, 2024. As of then, it had $4.1 billion in total real estate assets.