The New Jersey Division of Investment, which manages investments for the $77.3 billion New Jersey Pension Fund, Trenton, committed up to $300 million to Vista Equity Partners Fund VII.
The fund will focus on midmarket and large-cap enterprise software companies primarily based in North America, said a document presented Wednesday at a meeting of the New Jersey State Investment Council, noting that Vista Equity Partners has been "one of the top-performing relationships in the division's private equity portfolio." The division had made commitments to each of the past four flagship funds.
Separately, the investment council voted unanimously to amend the council's bylaws to create an environmental, social and governance policy committee, which will make recommendations for ESG policies, confirmed Jennifer Sciortino, a spokeswoman for the state Treasury Department. The council develops policies for the division of investment, which is a unit of the Treasury Department.
The division is drafting an ESG policy, which is part of a broader governance proposal that is pending review by the state Attorney General Gurbir Grewal, according to the division document presented at the council meeting. The council will vote on the policy after the attorney general signs off on the proposal.
The division also reported that the New Jersey Pension Fund had a net return of 6.75% for the nine months ended March 30, the first three quarters of the current fiscal year. The benchmark was 7.09%.