New Jersey Pension Fund discloses up to $1 billion in commitments
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The New Jersey division of investment, which handles investments for the New Jersey Pension Fund, Trenton, made five alternatives commitments totaling up to $1 billion.
Representatives of the division reported the commitments in documents presented Wednesday at a virtual meeting of the State Investment Council, which formulates policies for the division.
According to the documents, the commitments are:
Up to €200 million ($244 million) for ICG Europe Fund VIII and up to €100 million ($122 million) for a related co-investment fund. Both funds are managed by
Intermediate Capital Group that invest in subordinated debt, senior debt, structured debt and equity in upper middle-market companies among many European countries.
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Leaders urge N.J. to divest pension from fossil fuels, battling climate change
Updated May 06, 2021;
Posted May 05, 2021
Real estate photo of City Hall in Jersey City, Wednesday, Nov. 7, 2018. (REENA ROSE SIBAYAN JOURNAL PHOTO)
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Leaders from New Jersey’s second-largest city sent a clear message to Gov. Phil Murphy last week: Get public workers’ pensions out of the fossil fuel business.
The Jersey City city council passed a resolution urging the Murphy administration to fully divest the state pension plan from fossil fuel positions, and for the city’s municipal pension board to do the same.
The goal of divestment is to cut the funding for companies that have profited off the burning of fossil fuels, which in turn has driven global climate change.
S&P Global holds fast on New Jersey’s long-term debt rating
Outlook stable for all New Jersey bonds, ratings agency says
New Jersey State House, Trenton
S&P Global Ratings affirmed its BBB+ rating on New Jersey s outstanding long-term debt and gave a BBB+ rating for the upcoming issuance of $400 million in general obligation bonds.
S&P added that the outlook on all New Jersey bonds is stable. The outlook reflects high income levels and forecast economic growth in 2022, said an S&P report issued Tuesday. Our rating on New Jersey reflects expected large structural imbalances, notwithstanding the governor s proposal to contribute the state s full annual actuarial contribution to its pension fund for the first time in 25 years in fiscal 2022, David Hitchcock, an S&P Global Ratings credit analyst, said in a S&P news release.
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