New Jersey Division of Investment has proposed €300m of new commitments to strategies managed by infrastructure manager CVC DIF.
The pension fund disclosed in a board meeting document that it intends to commit €75m each to DIF Infrastructure VIII and DIF Value-Add IV, with an additional €150m to be divided equally between co-investment vehicles for both funds.
According to New Jersey DOI, DIF VIII, a core-plus fund, is seeking to raise €6bn with a target net internal rate of return (IRR) of at least 10%.
The fund has a global strategy with a primary focus on Europe and North America as it targets sectors like social, transportation, renewable energy, energy transition and utilities.
The capital raise for Value-Add IV is expected to be €2bn, according to New Jersey. Value-Add IV, a global fund, targets a net IRR of at least 13%.
New Jersey also said it made a $300m commitment to Carlyle Realty Partners X, Carlyle’s opportunistic real estate fund seeking to raise $8bn with a hard cap of $10bn.
To read the latest IPE Real Assets magazine click here.
