New Jersey Division of Investment, Trenton, committed $50 million each to CB Richard Ellis Strategic Partners IV and BlackRock Income and Growth Property Fund as part of the division's alternative investment plan, confirmed Tom Vincz, spokesman for John McCormac, state treasurer. The division also committed $50 million each to JLL Partners V, a middle-market buyout fund, and InterMedia Partners VII, a growth equity fund that makes media investments. The commitments were approved Thursday by the State Investment Council, which oversees New Jersey's $70 billion pension system, and were part of the division's plan to allocate 5% of assets to private equity.
In addition, the council approved the division's real estate investment plan, which calls for a commitment of $5.94 billion by fiscal year 2013. The plan allocates 60% of the portfolio to core real estate investments and 40% to tactical investments. Investments in the early years of the program, which is scheduled to launch in fiscal 2006, will be weighted toward tactical investments because "we believe core real estate is now fully valued, given significant investment flows into the asset class by both domestic and international institutional investors," William G. Clark, director, said in a memo to the council.