New Jersey Division of Investment (DOI) is considering a $300m (€250.9m) commitment to Ardian’s latest infrastructure secondaries strategy, according to recent board documents.
The proposed allocation would be split equally, with $150m committed to Ardian Secondary IX Infrastructure B and an additional $150m earmarked for an associated co-investment sidecar vehicle.
Ardian is seeking to raise $7.5bn for the fund, according to New Jersey DOI.
Limited partners (LPs) in the fund are expected to receive a net internal rate of return ranging from 12% to 14%.
The global fund will focus on buying stakes in private infrastructure from other LPs as well as selectively investing in deals led by fund managers.
Target sectors for the strategy include transport, energy, renewables and digital infrastructure.
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