New Jersey Division of Investment makes nearly $400 million in commitments

The state investment board has moved forward on plans to increase portfolio exposure to European and mid-cap investments.

Institution: New Jersey Division of Investment
Headquarters: Trenton, United States
Total AUM: $76.94bn
Allocation to Alternatives: 24.2%
Bitesize: $100-200m

New Jersey Division of Investments (NJDOI) has approved total commitments of nearly $400 million to three private equity funds during a recent board meeting, according to a contact within the organization.

The commitments comprise of up to $175 million to KPS Special Situations Fund V, up to $25 million to KPS Special Situations Mid-Cap Fund and up to EUR 125 million to Ardian Buyout Fund VII with an additional EUR 50 million to a co-investment side car vehicle alongside the Ardian Fund.

New York-based KPS Capital Partners focuses on investments in the manufacturing sector, with its Mid-Cap Fund specifically targeting growth equity opportunities. Paris-based private equity firm Ardian’s latest LBO fund targets consumer, healthcare, biotech and business service opportunities across Europe.

These most recently approved commitments are in line with NJDOI’s plans to increase exposure to both mid-cap and European investments; insight which was made known to Private Equity International in July.

The $76.94 billion state investment board has 12.0 percent target allocation to private equity, which was increased from 10.25 percent in June. Currently, allocation to private equity stands at 11.3 percent.

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