New Jersey Division of Investment makes €300m commitment

The US public pension has backed CVC Credit Partners European direct lending strategy.

Institution: New Jersey Division of Investment
Headquarters: Trenton, US
AUM: $94.44 billion
Allocation to alternatives: 27.2%

The New Jersey Division of Investment disclosed a €300 million commitment to CVC Credit Partners European direct lending strategy at its September 2021 investment council meeting.

The commitment is expected to be allocated approximately evenly between CVC Credit Partners EU Direct Lending III and the co-investment vehicle, CVC Credit Partners EU Direct Lending III Co-Investment. The strategy will provide primarily senior debt financing to sponsor-backed lower- and mid-market companies in the UK and Northwestern Europe.

As illustrated below, the pension’s recent private debt commitments have focused on the corporate sector across Europe. The pension currently allocates 6.52 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.