New Jersey Division of Investment confirms $200m commitment

The US public pension has continued its relationship with TPG.

Institution: New Jersey Division of Investment
Headquarters: Trenton, US
AUM: $92.68 billion
Allocation to alternatives: 25.73%

The New Jersey Division of Investment agreed to commit up to $200 million to TPG Rise Climate Fund at its July 2021 investment council meeting, a contact at the pension confirmed to Private Equity International.

The fund, managed by TPG, focuses on opportunities in climate change and carbon reduction. According to meeting documents, the fund is expected to complete between 20 and 30 platform investments in companies with revenues of at least $100 million, requiring an initial equity investment of $150 million to $500 million per platform.

As illustrated below, the pension allocates 11.7 percent of its full investment portfolio to private equity. Its recent private equity commitments have focused on investments primarily in Europe and North America.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.