The State of New Jersey and Lehman Brothers have formed the New Jersey Directed Investment Fund, a $105m private equity vehicle for investments specifically in the state of New Jersey, AltAssets reports.
Lehman Brothers will act as general partner and conduct investments through the firm’s global private equity business. The fund will be looking 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.
“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,” says William G Clark, director of investment for the Department of the Treasury.
Anthony Tutrone, managing director and global head of private fund investments for Lehman Brothers, adds: “This fund clearly fills a need for private equity investment in New Jersey and is an example of our continuing ability to offer robust customised solutions to our clients.”