New Jersey Public Pension Commits $1.8 Billion to Blackstone Group
The New Jersey Division of Investment manages the public pension fund which has around US$66 billion in assets. They have committed up to $1.8 billion in funds to be managed by the Blackstone Group. Up to US$ 1.5 billion will be placed in accounts managed exclusively for New Jersey by the Blackstone Group. Over the last twelve months, the pension fund has committed a total of US$2.5 billion to the Blackstone Group.
According to the State of New Jersey, the deal terms are expected to generate more than US$ 120 million in fee savings over the lifetime of the relationship.
The China Investment Corporation (CIC) is an investor in the Blackstone Group.
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