New Jersey Allocates Over $1bn to Debt and Special Situations in Last Year

New Jersey State made $1.05 billion new commitments to six debt and special situations funds in the last year according to its alternative investments report as of February 29, 2012. Of those funds, three were commitments to distressed debt funds ($300 million); two were in mezzanine debt funds ($250 million) and one was in special situations ($500 million).

New Jersey’s is a relatively young portfolio with vintages starting from 2005. Total private equity commitments made by the pension fund reached $21.3 billion for the period, of which $16.3 billion is drawn down with total distributions of $3.04 billion and an investment multiple of 1.04. (New Jersey does not release fund IRRs)

The pension fund also made six new commitments to buyout funds including American Industrial Partners Capital Fund V; Sterling Capital Partners IV; Tenex Capital Partners; Anacap Credit Opportunities II; Vista Equity Partners Fund IV and New Jersey Asia Investors II. And venture attracted three new commitments from the pension fund to Khosla Ventures IV, Tenaya Capital VI and General Catalyst Group VI.

The following slideshow takes a look at those debt funds New Jersey put its faith in the last year.

[slideshow]

[slide title=”Newstone Capital Partners II”]

Fund Type: Mezzanine

Commitment: $50 million

Cash in: $61.2 million

Distributions: $46.2 million

Value of Holdings: $25.2 million

Multiple: 1.17

[slide title=”Centerbridge Capital Partners II”]

Fund Type: Distressed Debt

Firm: Centerbridge Partners

Commitment: $100 million

Cash in: $26 million

Distributions: 0

Value of Holdings: $24.7 million

Multiple: 0.95

[slide title=”Knight/TPG NPL”]

Fund Type: Distressed Debt

Commitment: $100 million

Cash in: 0

Distributions: 0

Value of Holdings: 0

Multiple: 0

[slide title=”TPG Opportunities Partners II”]

Fund Type: Distressed Debt

Commitment: $100 million

Cash in: 0

Distributions: 0

Value of Holdings: 0

Multiple: 0

[slide title=”GSO Capital Opportunities Fund II”]

Fund Type: Mezzanine

Commitment: $150 million

Cash in: $23.5 million

Distributions: $218,872 million

Value of Holdings: $23.3 million

Multiple: 1.00

[slide title=”Blackstone TOP Fund-A, L.”]

Fund Type: Special situations

Commitment: $500 million

Cash in: $37.3 million

Distributions: 0

Value of Holdings: $37.3 million

Multiple: 1

[/slideshow]

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