Searches and Hires

New Jersey sets $100 million for TPG real estate fund, eyes ESG help

The New Jersey Division of Investment, which makes investments for the $76.7 billion New Jersey Pension Fund, Trenton, committed $100 million to TPG Real Estate Partners III.

Thecommitment was announced Wednesday at a meeting of the State Investment Council, which governs the divisions investment policies.

TPG Real Estate Partners III will focus on "property-rich real estate platforms and real estate-intensive operating companies rather than individual property purchases," said a report by the division of investment. "The firm primarily targets real estate investments needing $100 million to $300 million in equity."

The pension fund has made three other real estate investments with TPG.

Separately, the division expects to issue later this year an RFP for a firm providing ESG scoring services, and it is working on drafting an RFP for proxy-voting firms to assist in its ESG efforts. A timeline was not provided.