New Jersey Division of Investment, Trenton, committed another $800 million to alternative investments, with $500 million earmarked to hedge funds, $200 million to real estate and $100 million to private equity, according to Tom Vincz, spokesman for acting state Treasurer Bradley Abelow. The commitments, approved by the State Investment Council on Thursday, bring the $74 billion fund's total alternative investment commitments to $2.675 billion, according to Mr. Vincz. The council has allocated up to 13% of assets to alternatives.
Officials committed $250 million to Goldman Sachs Hedge Fund Strategies, a fund of funds; $150 million to a fund of funds run by Rock Creek Group; and $100 million to a fund of funds managed by Arden Alternative Advisers.
Officials also committed $75 million each to Blackstone Real Estate Partners V and GMAC Commercial Realty Partners Fund II, and $50 million to the Guggenheim Structured Real Estate Fund II.
The private equity commitment was split evenly between JPMorgan Venture Capital Institutional Investors III and OCM Mezzanine Fund II.
In January, officials committed $300 million to hedge funds.