New Jersey commits $125m to PE and VC

The New Jersey Division of Investment has committed $125m to two managers shortly after selling around $268m in assets. New Jersey plans to generate roughly $535m more in sale proceeds before the end of 2011.

The New Jersey Division of Investment has committed $100 million to American Industrial Partners’ fifth fund and $25 million to venture firm General Catalyst Partners’ sixth fund.

American Industrial Partners Capital Fund V is reportedly nearing a final close on its $700 million hard-cap, well north of its $500 million target.  The fund will invest in North American based industrial businesses. The firm has doubled, on average, earnings before interest, tax, depreciation and amortisation at its existing portfolio companies, according to pension documents.

MVision Private Equity is acting as placement agent for American Industrial Partners Capital Fund V. The firm’s fourth fund collected $405 million in August of 2008, slightly north of its $400 million target.

Cambridge, Massachusetts based General Catalyst is targeting a reported $450 million for its sixth venture capital fund. In addition to clean energy, the firm invests in the consumer, new media, internet and software sectors.

General Catalyst’s “recent geographic expansion to Silicon Valley and the New York metro area
have substantial promise to increase the Firm’s access to unique early stage opportunities”, according to New Jersey Division of Investment documents. The firm focuses on both early and growth stage companies.

Shannon Advisors is acting as placement agent for Fund VI. General Catalyst’s collected $495 million for its fifth fund before raising an additional $220 million in a supplemental Fund V vehicle.

The New Jersey Division of Investment recently completed the sale of its holdings in four private equity funds, generating around $268 million in sales proceeds. The sale represents a third of those the division expects to sell between now and the end of the year, with eight more transactions to be completed by 31 December.