New Jersey has formed a $1.8 billion “strategic relationship” with The Blackstone Group with a broad mandate to commit to traditional and customised investment vehicles across strategies like buyout, credit and real assets.
New Jersey’s state pension, which has about $66 billion in assets, is already a significant investor with Blackstone and “is proposing to deepen that relationship through a series of customised accounts with highly attractive terms, including significantly lower fees than dedicated fund investments, and with the ability to control the pace of investing”, the pension’s investment staff said in internal documents.
