New Jersey Division of Investment approves $125m commitment

The US public pension has backed a distressed debt vehicle.

Institution: New Jersey Division of Investment
Headquarters: Trenton, United States
AUM: $84.64 billion
Allocation to alternatives: 25.96%

New Jersey Division of Investment agreed to commit up to $125 million to Strategic Value Special Situations Fund V at its January 2021 investment council meeting, a contact at the pension informed Private Debt Investor. Along with the commitment, the pension also plans to increase its private debt target allocation from 6 percent to 8 percent.

The fund, managed by Strategic Value Partners, will target mid-market distressed opportunities primarily in Europe and North America.

As illustrated below, the pension’s recent private debt commitments have focused on the corporate sector in North America. The pension currently allocates 6.87 percent of its investment portfolio to private debt.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.