New Jersey commits to Ardian and KPS funds

New Jersey State Investment Council proposed more than $391 million in private equity commitments to funds from Ardian and KPS Capital Partners, according to a document from its September board meeting.

The system wants to invest 125 million euros ($136.6 million) to Ardian Buyout Fund VII, targeting $6.5 billion, meeting documents show. At least 90 percent of investments will be made in European countries and a maximum of 10 percent of investments in North America, according to an investment policy committee report.

New Jersey is considering a $54.6 million commitment to a co-investment side car vehicle alongside Ardian VII.

The council is also considering a $175 million commitment to KPS Special Situations Fund V, which focuses on control buyouts of distressed companies in North America, Europe and Asia-Pacific.

The fund is targeting $5 billion on a $6 billion hard cap, Buyouts previously reported; and $25 million to KPS Special Situations Mid-Cap Fund, which also focuses on companies in the manufacturing, branded consumer, healthcare, luxury products, automotive parts and capital equipment sectors. The mid-cap fund has a $750 million target on a $1 billion hard cap.

New Jersey SIC increased its private equity allocation target from 10.25 percent to 12 percent in May and increased its PE asset class range to 9-to-15 percent in July, Buyouts previously reported.

Action Item: Check out New Jersey State Investment Council’s meeting agenda here: