Return to search

LP Scorecard: Blackstone, Neuberger Berman lead NJDOI 2012

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