FUNDRAISING NEWS | April 29, 2024
The New Jersey Division of Investments (NJDOI) approved 7 commitments totalling $985.8 million to alternative investments, including real estate, private credit, private equity, and venture capital.
In real estate, $250 million was allocated to Bain Capital Real Estate Fund III, a non-core real estate strategy that will invest in real estate opportunities in North America.
In private credit, €150 million was invested in CVC Credit Partners European Direct Lending IV, a co-invested direct lending strategy managed by CVC Credit Partners Investment Management Limited (“CVC Credit partners”). The investment will continue to diversify the existing direct lending portfolio into Europe.
Four commitments were made to private equity, totalling $575 million. $100 million was allocated to PSG VI. The commitment will go toward a new high-conviction manager to help drive strong returns for the investment portfolio.
An additional investment of $100 million was committed to Silver Lake Partners VII, a private equity large-buyout fund managed by Silver Lake Partners. Silver Lake focuses on technology and tech-enabled businesses. Lastly, a $100 million investment was committed to Tenex Capital Partners IV with an additional $25 million toward co-invest opportunities. Fund IV is looking to complete 16-18 investments in the Fund.
Finally, $250 million was committed to Tiger Iron Garden Fund, an early-stage venture capital fund managed by Tiger Iron Capital. The Fund will target best-in-class technology venture capital funds.
As of February 29, the NJ DOI pension fund had a value of $96.8 billion.
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Jane Bailey is a Marketing Associate at Dakota.
