The New Jersey Department of Investment (DOI) has committed $250 million (€232.5 million) to a new emerging real estate management program with GCM Grosvenor.
The pension fund has revealed it has committed capital to the GCM Grosvenor New Jersey RE Emerging Manager Program as part of its commitment to alternative investment funds.
New Jersey DOI's Alternative Real Estate Program invests in various types of real estate with the goal of building long-term relationships with managers with growth potential.
The pension fund also increased its commitment to Cerberus Institutional Real Estate Partners VI by $150 million, following a $200 million commitment last October. This move not only increases exposure but also secures lower negotiated management fees.
As previously reported, Cerberus Capital Management has set a $3 billion fundraising goal for its latest opportunistic real estate fund.
Partners VI is targeting a net internal rate of return of 13% to 15%, and the majority of its capital will be invested in the United States and Europe, with some investments expected to be invested in other regions.
Partners VI is expected to consider a variety of investment opportunities, including investments in direct assets, real estate companies, companies with real estate assets, real estate debt, and distressed debt portfolios.
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