New Jersey Division of Investment, Trenton, committed up to $250 million in oil and gas and real estate investment strategies.
The division, a unit of the state Treasury Department, makes investment for the $77.1 billion New Jersey Pension Fund, and the new commitments were announced Wednesday by division executives at a meeting of the New Jersey State Investment Council.
The division will commit up to $150 million in the NJ/HitecVision co-investment vehicle, managed by HitecVision, according to a division document presented at the council meeting. The co-investment vehicle — New Jersey will account for 98% of the assets — will explore opportunities in offshore oil and gas shipping and support vessel industries, the document said. The division invested $100 million with HitecVision VII in April 2014.
The division also announced at the council meeting that it would commit up to $100 million to KSL Capital Partners IV, described as a fund concentrating on investments in real estate and “related travel and leisure businesses,” such as hotels, resorts and golf courses.
Separately, Christopher Santarelli, a spokesman for the Treasury Department, said the council reviewed recommendations by the Treasury Department regarding the rules on conflict of interest. Brendan Thomas Byrne Jr., newly elected chairman of the state investment council, will appoint a committee to re-examine current regulations, he added.
The Treasury Department issued a report in January recommending a revision of the pay-for-play rules to make certain definitions more clear, such as “investment management professional,” and to encourage a more active role by the division of investment in checking political contributions made by firms and executives. Mr. Byrne had been vice chairman, and he had served as acting chairman since former Chairman Robert Grady resigned in November. Council members on Wednesday also elected fellow member Adam Liebtag as vice chairman.
