The New Jersey Division of Investment, the manager of the $91.4 billion New Jersey Pension Fund, Trenton, proposed a commitment of up to $150 million in Altaris Health Partners VI, a buyout fund managed by Altaris Capital Partners.
The division previously committed $100 million to Altaris Health Partners V in 2020, according to materials issued in connection with the Oct. 25 board meeting of the State Investment Council, which governs investment policies for the Division Of Investment.
Altaris VI will seek control positions in North American companies across four healthcare sub-sectors: pharmaceuticals, medical devices, life sciences and diagnostics and healthcare services.
As of June 30, the pension fund had 12.2% of its assets invested in private equity (with a target of 13%).
The Division of Investment also proposed an investment of up to $200 million in Cerberus Institutional Real Estate Partners VI, a distressed real estate fund managed by Cerberus Capital Management.
As of June 30, the pension fund had 5.8% of its assets invested in real estate and a target of 8%.
The division could not be reached for further details.