The New Jersey Division of Investment, which manages investments for the $70.15 billion New Jersey Pension Fund, Trenton, has made seven commitments to alternatives for up to $2 billion.
Division officials described the commitments Jan. 29 during a quarterly meeting of the State Investment Council, which formulates policies for the division.
The division made private credit commitments for up to $900 million.
One private credit commitment was to Blue Torch Capital, a new relationship, for up to $400 million in a separately managed account and for $200 million in a co-investment vehicle. Blue Torch investments in companies “considered to be facing potentially cyclical headwinds, undergoing some period of stress, facing regulatory or legal complications, or operating in lower growth or troubled sectors,” a division report said.
The other private credit commitment was to TCW, an existing relationship, for up to $150 million to a separately managed account and for up to $150 million in a co-investment vehicle. The primary focus is on senior secured direct lending to middle market companies primarily in the U.S., the report said.
The division made four private equity commitments for up to $650 million. They are:
- Bain Capital Fund XIV, for up to $200 million, managed by Bain Capital, an existing relationship. This is an upper middle market buyout fund.
- BPEA Private Equity Fund IX, for up to $200 million, managed by EQT Private Capital Asia. The fund will acquire Asian companies in the services, technology services, healthcare and industrial technology sectors, the report said.
- Hg Saturn 4 Fund, for up to $150 million, managed by Hg, a new relationship. The fund will focus on European buyouts, the report said.
- Strategic Value Special Situations Feeder Fund VI, for up to $100 million, managed by Strategic Value Partners, an existing relationship. The fund will focus on distressed debt, targeting the debt of middle market companies in North America and Europe, the report said.
The division also made a real estate commitment of up to $400 million, to StepStone Group, an existing relationship, for a real estate separately managed account, focusing on middle market primary funds ranging from $500 million to $2 billion, the report said.
