New Jersey Division of Investment (DOI) has placed $250m (€232.5m) into a new emerging real estate manager programme with GCM Grosvenor.
The pension fund disclosed that it committed the capital to the GCM Grosvenor NJ RE Emerging Manager Program as part of its alternative investment fund commitments.
New Jersey DOI’s alternative real estate programme invests in a variety of property types, aiming to build long-term relationships with managers with potential for growth.
The pension fund also increased its commitment to Cerberus Institutional Real Estate Partners VI by $150m, following a $200m commitment last October. This move not only expands its exposure but also secures a lower negotiated management fee.
As previously reported, Cerberus Capital Management has set a $3bn fundraising target for its latest opportunistic real estate fund.
Most of Partners VI’s capital is expected to be invested in the US and Europe with, a small portion in other regions as it targets a net internal rate of return of 13% to 15%.
Partners VI is expected to consider a variety of investment opportunities including in direct assets, real estate companies, firms with real estate assets, real estate debt and non-performing loan portfolios.
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