New Jersey backs True North real estate fund

The $77 billion New Jersey State Investment Council approved a new $100 million investment in the True North real Estate Fund III, which originates and buys mezzanine and bridge debt, at its Sept. 16 meeting, according to fund documents.

True North, which specializes in real estate debt and is based in White Plains, New York, is raising $650 million for this fund, which is targeting all property types across the US, except hotels.  The fund is a follow-on to its True North High-Yield Investment Fund II, which raised $535 million.

At the Sept. 16 meeting of the SIC, which oversees the New Jersey Division of Investment, it also approved a $100 million private equity commitment to Hellman & Friedman Capital Partners VIII fund.