New Jersey Division of Investment in 2012 made 12 investments in PE, the most it made since 2008. It spread those investments over six PE strategies: co-investments, distressed debt, domestic midmarket buyouts, large buyouts, special situations and venture capital.
All told, NJDOI committed $1.6 billion to PE in 2012, also the most since 2008. It has contributed $1.7 billion and received $1.4 billion in capital distribution as of Feb. 28, 2019.
The largest of that distribution came from its lone special-situations commitment.
Blackstone‘s special-situations fund, Blackstone TOP Fund – A (PE) LP, received NJDOI’s largest commitment, at $372.2 million. It received $609 million in capital and distributed $532.6 million for an investment multiple of 1.44x.
NJDOI made three commitments to Blackstone in 2012, the most to a single firm.
Blackstone’s large buyout fund, Blackstone Capital Partners VI LP, received $45.6 million of a $50 million commitment. The fund distributed $33.6 million and had an investment multiple of 1.74x.
The other Blackstone fund was a co-investment vehicle, which received a $50 million commitment. The fund received $38.4 million but has not distributed any capital. It has an investment multiple of 1.16x.
Co-investments received more capital commitments than any strategy, with $450 million. The strategy was second in capital distribution.
NB/NJ Custom Investment Fund II, a co-investment vehicle with Neuberger Berman, received $194.2 million of a $200 million commitment. It distributed $308.5 million and had an investment multiple of 2.2x, the largest for NJDOI in 2012.
All told, numbers for NJDOI go back to 2005. Since then, NJDOI has received $13.5 billion in capital distribution from $16.5 billion in commitments across all PE funds.
Download the LP Scorecard Excel here: NJDOI Scorecard 2012