New Jersey Division of Investment, which oversees the investment management of the $76.7 billion New Jersey Pension Fund, Trenton, hired Neuberger Berman, BlackRock and Asia Alternatives to manage a total of up to $700 million in private equity separate accounts.
The division hired Neuberger Berman to manage up to $350 million in a separate account that will pursue minority positions in global private equity co-investments, including buyouts, growth equity and special situations co-investment funds. Co-investments will range from $2 million to $20 million.
BlackRock will manage $250 million in a separate account that will make primary fund investments, as well as direct co-investments.
Also, the division hired Asia Alternatives to run $100 million in a separate account that will target primarily buyout and growth equity funds, with some investments in special situations funds and venture capital funds, across Australia, China, India, Japan, South Korea and Southeast Asia.
The hirings were announced Wednesday during a meeting held remotely of the State Investment Council, which formulates investment policies for the division.
As of Aug. 31, the actual allocation to private equity was 10.5%; the target is 12%.