New Jersey Ramps Ups Real Assets, Real Estate Portfolio
The New Jersey Division of Investment (NJDI), which oversees nearly $90 billion in assets, continued to ramp up its alternative asset portfolio with a $650 million investment in its real assets and real estate program.
Within real assets, NJDI selected StepStone to manage a separately managed account with a focus on North American co-investments in infrastructure and energy transition. Reportedly, the firm was approved for a $500 million commitment.
In real estate, a $150 million commitment was made to KSL Capital Partner’s Tactical Opportunities Fund II, which aims to purchase properties in the travel and leisure sector.
The KSL fund is seeking to raise $1 billion and will invest in debt, direct property and equity opportunities in the U.S.
In December a $250 million commitment went to the GCM Grosvenor NJ RE Emerging Manager Program, according to January meeting disclosures. Additionally, officials disclosed that a commitment to Cerberus Institutional Real Estate Partners VI boosted to $350 million with a focus on distressed real estate. The fund has yet to close, according to officials.
Pictured: NJDI, Trenton, NJ