New Jersey Division of Investment, Trenton, committed up to $200 million to Dyal Capital Partners II, with an additional allocation of up to $50 million for co-investment opportunities, spokesman Christopher Santarelli wrote in an e-mail.
Dyal Capital Partners II will focus on acquiring minority stakes in hedge fund managers.
The division, which manages the investments of the $76.8 billion New Jersey Pension Fund, Trenton, previously committed $200 million to Dyal Capital Partners I in August 2012.
Separately, several target asset allocation changes were approved by the State Investment Council.
Target allocations that were increased are global growth to 57.9% from 56.1%, and real return to 7.25% from 5.7%.
Target allocations that were reduced are income to 22.6% from 24.2%; liquidity to 8.25% from 9.5% and risk mitigation to 4% from 4.5%.
