Searches and Hires

New Jersey allocates $525 million to 4 funds

The New Jersey Pension Fund, Trenton, committed up to $525 million to private equity, private debt and real assets funds.

The pension fund made two private equity commitments to funds managed by TPG – up to $125 million to TPG Growth IV and up to $75 million to The Rise Fund.

TPG Growth IV is "the primary investment vehicle for global and small-middle-market growth equity investments," according to a report by the Division of Investment, a unit of the state Treasury Department, which manages investments for the $75.6 billion pension fund. The report was presented Wednesday at a meeting of the State Investment Council, which formulates policies governing investments by the division.

The Rise Fund "will invest in growth, venture capital and small investment buyout opportunities that the team believes have a measurable social or environmental inherent in their operations," the division report said.

The pension fund also made a private debt commitment of up to $200 million to the Chatham Asset Private Debt and Strategic Capital Fund, managed by Chatham Asset Management. The fund "will focus on stressed and distressed investing as well as direct lending to middle-market companies," the division report said.

The pension fund also made a real assets commitment of up to $125 million to Stonepeak Infrastructure Fund III, managed by Stonepeak Infrastructure Partners. The fund concentrates on infrastructure assets in the U.S. and Canada in the lower-to upper-middle market.