New Jersey Division of Investment confirms $100m commitment

The US public pension has backed a growth equity fund.

Institution: New Jersey Division of Investment
Headquarters: Trenton, US
AUM: $74.05 billion
Allocation to alternatives: 27.80%

New Jersey Division of Investment has agreed to commit up to $100 million to TPG Growth V at its July 2020 investment council meeting, a contact informed Private Equity International.

The fund, managed by TPG, focuses primarily on growth equity and control growth buyouts across multiple sectors including business services, healthcare and consumer.

As illustrated below, the pension’s recent private equity commitments have comprised of mainly buyout and venture capital vehicles. It currently has a 12 percent target allocation to private equity, which currently stands at 11.91 percent.

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