The $76 billion New Jersey Division of Investment portfolio has expanded into private credit via a new $1 billion mandate established with PGIM at its most recent council meeting.
This is in addition to new investments within private equity and real estate totaling $500 million.
The New Jersey pension fund is proposing a setting up of $1 billion in a separately managed investment vehicle to be managed by PGIM Fixed Income. The aim of the strategy is to yield 450 basis points more than its current cash/treasury allocation, but the fund will be invested . . .
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