New Jersey Division of Investment is continuing with plans to invest to up $550m (€499m) in real estate this year, despite ongoing economic and market uncertainty.
In a board meeting document, the pension fund said it expects to deploy up to $100m to $125m in core and core-plus strategies, up to $350m to $425m in value-add investments and up to $100m in debt.
New Jersey expects to invest up to $400m to $450m in the US and up to $100m in either Europe or Asia.
Sean Barber, vice president at the pension fund’s consultant Hamilton Lane, said: “As we think about the deployment of capital, we believe it is prudent to maintain long-term strategic and geographic targets for the portfolio, but also important to develop tactical, more near-term targets that are based on opportunity set and market conditions.”
“We remain focused on keeping an open dialogue with managers within the portfolio to ensure that we are tracking upcoming cash flow requirements for the New Jersey portfolio during this period of heightened volatility.”
The pension fund is considering reducing its exposure to listed real estate investment trusts.