Subsequent to discussions earlier in July, New Jersey State Investment Council will be following in the footsteps of Korea Investment Corporation (KIC) by searching for an advisor to offer advice on the private equity secondary market. New Jersey State Investment Council began work on a request for proposals for the mandate earlier in July and is expected to begin the search in August.
New Jersey State Investment Council is looking to take advantage of current pricing on the private equity secondary market, which is currently highly favourable for buyers. KIC is looking to do the same and recently awarded a secondary market mandate to Partners Group. New Jersey State Investment Council has been an investor in private equity for over thirty years. It has a target allocation of 7.5% to private equity and invests in a variety of fund types including buyout, venture, mezzanine and fund of funds vehicles. Although New Jersey State Investment Council does not have a specific allocation to private equity secondary fund of funds vehicles, it has invested in such funds occasionally, with one of its latest commitments being made in 2008. New Jersey State Investment Council’s current investment consultant is Strategic Investment Solutions.
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