The Police and Firemen’s Retirement System of New Jersey (PFRSNJ) has set aside $300m (€283.2m) for real estate and $170m for infrastructure investments over the next year, according to a spokesperson for the pension fund.
This is the first year of commitments since the pension fund became an independently managed public pension system this year in May. At that time, it had total plan assets of $30bn, according to PFRSNJ.
The planned investments over the next 12 months are not first-time allocations. The pension fund has existing exposure to the two asset classes through the New Jersey Division of Investments Common Fund E, which will mature and roll off over time.
The long-term allocations target for PFRSNJ is 7% for real estate which would equal $1.98bn of equity and 3% or $900m for infrastructure.
The pension fund intends to make the investments via a combination of funds, fund of funds, and direct limited partnerships.
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