New Jersey Division of Investment, which oversees the investment management of the $90.7 billion New Jersey Pension Fund, Trenton, is planning to issue an RFP seeking high-yield fixed-income managers. It also approved $1.5 billion in commitments.
A spokeswoman for the state Department of the Treasury declined to disclose additional details about the forthcoming RFP.
At its Wednesday meeting, the State Investment Council, which formulates investment policies for the division, selected PGIM to run up to $1 billion in a global diversified private credit strategy. The division is underweight its 8% target to private credit, so the allocation seeks to help bring it back on target.
The division also committed up to $300 million in a separate account managed by TGM Associates, which targets non-core multifamily real estate investments; and up to $200 million to TPG Rise Climate, a buyout fund with an impact investing focus.