Updated Oct. 14, 2011
New Jersey Division of Investments, Trenton, intended to commit up to $1.49 billion to new and existing private equity, real estate and hedge fund vehicles, according to presentations made by investment staff on Oct. 13 to the New Jersey State Investment Council meeting, confirmed spokesman Andrew Pratt.
A total of $785 million may be committed to hedge funds with $200 million each going to global macro-relative value specialist Brevan Howard and opportunistic credit focused Elliott Associates. Up to $150 million may be committed to ValueAct Capital Partners, an activist fund.
Additional commitments may be made to the following existing hedge fund investments: $75 million to Asian Century Quest Fund, invested in long/short Asian equity, for a total of $150 million; $60 million to Centerbridge Credit Partners Fund for a total of $140 million in distressed credit opportunities; and $100 million to Winton Futures Fund for a total of $200 million run in managed futures.
The council also may commit a total of $510 million to private equity managers, including up to $300 million to credit specialist TPG, up to $100 million to be invested in TPG Opportunities Fund II and up to $200 million in separate accounts New Jersey/TPG NPLs Commercial and Residential.
Other private equity commitments may include up to $100 million to Sterling Capital Partners IV, a domestic buyout fund, and up to £ 70 million ($110 million) to AnaCap Credit Opportunities II which will be invested in European distressed debt.
Tenaya Capital VI, a venture capital fund, may receive a commitment of up to $40 million.
Finally, the division also intends to commit up to $150 million to Wheelock Street Real Estate Fund, a U.S.-based opportunistic real estate fund.
The division oversaw $66.4 billion in assets as of Sept. 30.