The State of New Jersey has teamed up with global investment bank Lehman Brothers to form the New Jersey Directed Investment Fund (NJDIF), a USD105 million private equity vehicle designed
The State of New Jersey has teamed up with global investment bank Lehman Brothers to form the New Jersey Directed Investment Fund (NJDIF), a USD105 million private equity vehicle designed to make attractive private equity investments while driving economic growth in the Garden State.
Lehman Brothers will act as general partner and conduct investments through the Firm’s global Private Equity business. The New Jersey Directed Investment Fund seeks to invest in private equity funds and privately owned companies that are based in, or have substantial operations in, New Jersey or which plan to make significant investments or promote economic development in the state.
‘This innovative fund represents a win-win for the pension fund and the economic health of New Jersey,’ says William G Clark, Director of Investment for the Department of the Treasury. ‘By partnering with Lehman Brothers, we can select investments that will provide the pension fund with good returns and at the same time provide needed capital to companies that will help New Jersey’s economy grow.’
Anthony Tutrone, managing director and global head of Private Fund Investments for Lehman Brothers, adds: ‘We are delighted to partner with the State of New Jersey and look forward to achieving strong returns by capitalizing on the many attractive investment opportunities available in the state. This fund clearly fills a need for private equity investment in New Jersey and is an example of our continuing ability to offer robust customized solutions to our clients.’
Lehman Brothers’ Private Equity business, started in 1984, has assets under management of more than $20 billion and consists of 18 different fund strategies across six asset classes: merchant banking, venture capital, real estate, fund-of-funds, credit and infrastructure.
The New Jersey Division of Investment is one of the 10 largest public pension funds in the nation, with pension assets of $82.2 billion, invested to provide retirement benefits for more than 700,000 current and future retirees from public sectors across the state.
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world.
