The New Jersey Division of Investment, which manages investments for the $83.7 billion New Jersey Pension Fund, Trenton, made commitments of up to $500 million for alternatives.
The commitments were announced Wednesday at a meeting of the State Investment Council, which governs investment policies for the division of investment.
The division made a commitment of up to $300 million to Glendon Opportunities Fund III, managed by Glendon Capital Management. The commitment includes $100 million for a co-investment vehicle. Glendon focuses on private credit and distressed opportunities primarily in North America among multiple asset classes, according to a division report presented at the meeting.
The division also made a commitment of up to $200 million for three venture capital funds managed by Khosla Ventures. The goal is to seed late-stage venture capital investment across several asset categories, said the report describing its commitments to Khosla Ventures Seed F, Khosla Ventures VIII, and Khosla Ventures Opportunity II.
