New Jersey Division of Investment has added $300m (€274.8m) to an existing US apartments separate account with TGM, according to the pension fund’s meeting document.
New Jersey Division invested $300m in 2015 when the relationship was first created. In 2021, the pension fund approved another $300m to the separate account that invests in US value-add apartments.
John Gochberg, chief executive officer of TGM, told IPE Real Assets that: “TGM is very proud that New Jersey has again reaffirmed its commitment to TGM and we are excited to build another portfolio of multifamily assets with them.”
New Jersey Division holds a 99% ownership stake in the relationship it refers to as TGM Apartment Partners II, with TGM holding the remaining 1%.
TGM’s assets include complexes in Connecticut, Massachusetts, Indiana, Florida, Maryland, Illinois, Ohio and Virginia, according to the manager’s website.
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