The $83.7 billion New Jersey Pension Fund, which is managed by Trenton’s New Jersey Division of Investment, has made pledges for alternative investments totaling up to $500 million.
The agreements were made public on Wednesday during a State Investment Council meeting, which oversees the division of investing’s investment guidelines.
The division made a $300 million commitment to Glendon Opportunities Fund III, which is run by Glendon Capital Management. As part of the promise, a co-investment entity will receive $100 million.
A division report was provided at the meeting and stated that Glendon concentrates on private credit and distressed opportunities, especially in North America, across a variety of asset types.
Additionally, the division pledged up to $200 million for three venture capital funds run by Khosla Ventures. According to the report outlining its commitments to Khosla Ventures Seed F, Khosla Ventures VIII, and Khosla Ventures Opportunity II, the aim is to seed late-stage venture capital investment across several asset classes.
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