New Jersey Division of Investment wants to commit $1.45bn (€1.23bn) to new real estate investments this year as it strives to get closer to its target allocation.

The pension fund’s actual real estate weighting was 5.03% in September last year, about three percentage points below its 8% target.

The level of commitments planned for this year is nearly three times greater than the $550m pacing plan set for 2020.

According to a board meeting report by the pension fund’s real estate consultant Hamilton Lane, up to $950m will be committed to close-ended funds and as much as $500m will be allocated to open-ended funds.

New Jersey Division of Investment also plans to invest $500m in other real assets this year, according to a report by consultant Aksia TorreyCove.

This would include a proposed investment of up to $200m in an infrastructure fund managed by Stonepeak Infrastructure Partners.

The investment would include a $125m commitment to Stonepeak Infrastructure Fund IV and $75m for a co-investment vehicle.

As reported earlier this month, Stonepeak is close to reaching its $10bn fundraising target for the vehicle.

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