New Jersey Division of Investment, which manages investment for the $83.3 billion New Jersey Pension Fund, Trenton, made three commitments totaling $580 million, confirmed Treasury Department spokeswoman Jennifer Sciortino in an email.
At its meeting Wednesday, the division agreed to commit $200 million apiece to buyout fund Hellman & Friedman Capital Partners X and Stonepeak Infrastructure Fund IV, managed by Stonepeak Infrastructure Partners.
The commitment to Stonepeak will be divided into two parts: $125 million will go directly to the fund, and $75 million will go to a co-investment sidecar vehicle alongside the fund.
The division also agreed to commit $180 million to Eagle Point Defensive Income Fund, a collateralized loan obligation strategy managed by Eagle Point Credit Management. This commitment will also be broken into two parts: $60 million will go to the fund and $120 million will go to a related separate account.
Aksia TorreyCove Partners, investment consultant to the division, assisted in the selection of these commitments.
The division also announced it is targeting $1.5 billion in new private equity commitments in 2021. The state's new target allocation to private equity is 13% this year, up from 12% during 2020.