The New Jersey Division of Investment, which manages investments for the $79.1 billion New Jersey Pension Fund, Trenton, committed or invested up to $1 billion to six alternative investments, confirmed Christopher Santarelli, a spokesman for the state Treasury Department.
The division announced the three private equity commitments and three hedge fund investments Wednesday at a meeting of the New Jersey State Investment Council, which governs investment policies for the division, a unit of the Treasury Department.
For private equity, the division announced:
- A commitment of up to $300 million to a separate account managed by GoldenTree Asset Management. The account will focus on investing in “distressed and stressed assets within corporate and structured product markets,” a division document said. Investments will be concentrated in the U.S., Canada, U.K. and Western Europe.
- A commitment of up to $200 million to American Industrial Partners Capital Fund VI, a middle-market private equity fund specializing in “buying and improving (industrial) businesses that are headquartered in North America,” a division document said.
- A commitment of $50 million in Excellere Capital Fund III, managed by Excellere Partners. A division document described Excellere as a “lower midmarket private equity investor which partners with entrepreneurs and management teams in high growth industries.”
For hedge funds, the division invested $250 million in Stone Milliner Macro Fund, managed by Stone Milliner Asset Management. The fund invests in both developed and emerging markets, “predominantly in currencies and fixed income” and “opportunistically in equity index futures, credit and commodities,” according to a division document.
It also invested up to $200 million in funds managed by Laurion Capital Management — $100 million each to Laurion Capital and Laurion Capital Global Markets Fund.