New Jersey Division of Investment, which manages investments for the $70.9 billion New Jersey Pension Fund, Trenton, made one new commitment and one follow-on commitment totaling up to $600 million, the division announced Wednesday.
The division committed up to $100 million to Focus Healthcare Partners Fund I, which “will focus on the senior living industry” said a document provided for the meeting of the State Investment Council, which develops policies governing pension fund investments.
The division also made a follow-on commitment of $500 million to SONJ Private Opportunities II, managed by BlackRock.
The division, a unit of the state Treasury Department, is adding the $500 million to its existing $800 million separate account with BlackRock. The proposed $500 million add-on “will be allocated among co-investment opportunities, venture capital funds and primary fund strategies,” said a division document.
The division also announced that it could not agree with Advent International, the manager of Advent Global Private Equity VIII on a $100 million commitment that the division had approved in November subject to completing negotiations.
“During the course of the negotiations, the division and the fund were unable to reach agreement on the terms of the legal documents,” the division reported Wednesday. “After a number of conversations with senior officers at the fund, it was decided by both parties in March to cease the negotiations.”
The division also reported that the New Jersey Pension Fund’s return through April 30 — the first 10 months of the fund’s fiscal year — was -2.14%, compared to the -0.5% benchmark return.