New Jersey State Investment Council, Trenton, at a meeting Thursday approved a number of investments for the $81 billion state pension fund it oversees, said Mark Perkiss, a spokesman for the New Jersey Treasurer’s office.
In commodities, the council will invest $200 million to $500 million with Gresham Investment Management and an additional $200 million to $500 million in a commodity fund run by Schroder.
It also approved four hedge fund investments: $400 million in a credit fund run by BlackRock; $150 million in AIG Diversified Credit Strategies Fund; and $100 million each in funds run by Canyon and GoldenTree.
In real estate, the council will put $150 million with General Motors Asset Management; $100 million in the Guggenheim Structured Real Estate Fund; $75 million in the CB Richard Ellis Strategic Partners U.S. Opportunity Fund; and $50 million in L&B Diversified Strategy Partners.
In private equity, it will commit $400 million to Warburg Pincus; $250 million to Oak Hill Capital Partners; $200 million to Oaktree; $100 million to Avenue Special Situation Fund; and $100 million to the TPG TAC 2007 Fund.
The council will also seek several high-yield income managers to run a total of $2.4 billion. Bill Clark, director of investments, said the RFQ will be sent to high-yield fixed-income managers compiled by consultants. The decision to allocate about 3% of the portfolio to high-yield fixed income was made by the State Investment Council as part of its investment plan for fiscal 2007.
