Institution: New Jersey Division of Investment
Headquarters: Trenton, US
AUM: $92.68 billion
Allocation to alternatives: 25.73%
The New Jersey Division of Investment agreed at its July investment council meeting to commit up to $200 million to TPG Rise Climate Fund, a contact at the pension confirmed to Infrastructure Investor.
The fund, managed by TPG, focuses on opportunities in climate change and carbon reduction. According to meeting documents, the fund is expected to complete between 20 and 30 platform investments in companies with revenues of at least $100 million, requiring an initial equity investment of $150 million to $500 million per platform.
As illustrated below, the pension allocates 2.22 percent of its investment portfolio to real assets, which includes infrastructure. Its recent private infrastructure commitments have been to funds targeting a variety of sectors with a global focus.
Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.