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New Jersey Teachers' Pension and Annuity Fund

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New Jersey Teachers' Pension and Annuity Fund
Basic facts
Location:Trenton, New Jersey
Top official:Irene Savicky, chair
Year founded:1955
Active members:144,016
Website:Official website
Total assets under management
2023:$32,442,504,713
See also: Public pensions in New Jersey

The New Jersey Teachers' Pension and Annuity Fund (TPAF) is a New Jersey state pension fund that provides retirement, disability, and survivor benefits for public teachers in New Jersey and their families. The New Jersey Teachers' Pension and Annuity Fund had $32,442,504,713 ($32.4 billion) in total assets under management as of June 30, 2023.[1]

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

Background

See also: Public pensions

The New Jersey Teachers' Pension and Annuity Fund, founded in 1955, operates as a defined benefit plan based on a formula established by New Jersey state law, and is a subfund of the New Jersey Pension Fund. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to teachers in New Jersey and their families.[1]

The New Jersey Teachers' Pension and Annuity Fund served over 144,016 active members and 112,829 retirees and beneficiaries as of 2023.[1]

Pension performance overview

The following table features information about the funding level and assets managed by the New Jersey Teachers' Pension and Annuity Fund as of June 2023:[1]

New Jersey Teachers' Pension and Annuity Fund performance (June 2023)
Fiscal year Percent funded Unfunded liabilities Total assets
2023 56.8% $41,604,365,785 $32,442,504,713

Assets and asset management

Environmental, social, and corporate governance
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Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.

As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[2][3]

NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[4]

List of AMCs contracting with the New Jersey Teachers' Pension and Annuity Fund

The New Jersey Teachers' Pension and Annuity Fund, as a subfund of the New Jersey Public Employees Retirement Systems, contracted with 250 asset management companies (AMCs) as of June 2021. Of those companies or funds, two were investor participants in Climate Action 100+, and 19 were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the New Jersey Teachers' Pension and Annuity Fund:[5]

  • ABF VII New Jersey S.L.P.
  • Aermont Capital Real Estate Fund IV
  • Aether Real Assets III Surplus, LP
  • Aether Real Assets III, LP
  • Aether Real Assets SONJ Fund, L.P.
  • AIMS/NJ Euro Small and Mid Fund I, L.P.
  • AIMS/NJ Euro Small and Mid Fund II, L.P.
  • AIMS/NJ Multi-Strategy Portfolio, LLC
  • Altaris Health Partners V, L.P.
  • American Industrial Partners Capital Fund V
  • American Industrial Partners Capital Fund VI, L.P.
  • Anacap Credit Opportunities II, LP
  • Anacap Financial Partners II
  • AnaCap Financial Partners III, L.P.
  • AnaCap Financial Prtns GP
  • Apollo Investment Fund VI, L.P.
  • Arden Garden State NJ Fund LP.
  • ARDIAN Buyout Fund VII A S.L.P
  • Blackstone Capital Partners V, L.P.
  • Blackstone Capital Partners VI, L.P.
  • Blackstone Capital Partners VII, L.P.
  • Blackstone Energy Partners II, L.P.
  • Blackstone Energy Partners, L.P.
  • Blackstone Property Global - NJ
  • Blackstone Property Partners L.P.
  • Blackstone RE Debt Strategies III, L.P.
  • Blackstone Real Estate Partners Asia LP
  • Blackstone Real Estate Partners VI, Sec
  • Blackstone Real Estate V
  • Blackstone Real Estate VI
  • Blackstone Real Estate VII
  • Blackstone Real Estate VIII
  • Blackstone Residential Fund - A L.P
  • Blackstone TOP Fund - A (PE) L.P.
  • Blackstone TOP Fund - A (RE) L.P.
  • Blueprint Cap I, LP
  • Brookfield Capital Partners IV, L.P. (NZAM)
  • Brookfield Capital Partners V L.P. (NZAM)
  • BSP Special Situations Fund L.P.
  • BX NJ Co-Invest (PE) L.P.
  • BX NJ Co-Invest, L.P.
  • Carlyle Partners VI, L.P.
  • Carlyle Realty Partners V LP
  • Catalyst Fund V, L.P.
  • Centerbridge Capital Partners II, L.P.
  • Centerbridge Capital Partners, L.P.
  • Centerbridge Credit Partners
  • Cerberus NJ Credit Opportunities Fund, L.P.
  • Chatham Asset Private Debt and Strategic Capital Fund
  • Chatham Fund, LP
  • Court Square Capital Partners II, L.P.
  • Crayhill NJ Fund, LP
  • CT High Grade Partners II, LLC
  • CVC Capital Partners VI, LP
  • CVC Capital Partners VII (A), LP
  • CVC Capital Partners VIII
  • CVC Credit Partners EU DL II Co-Invest Fund
  • CVC Credit Partners EU DL III
  • Davidson Kempner Institutional Partners, L.P
  • DivcoWest Fund VI-A, LP
  • Dyal II NJ Investors, L.P.
  • Dyal III NJ Investors, L.P.
  • Dyal III US Investors LP
  • Dyal NJ Investors, L.P.
  • Eagle Point Defensive Income Fund NJ LP
  • Eagle Point Defensive Income Fund US LP
  • Elliott Associates, L.P.
  • EQT Infrastructure V (NZAM)
  • Excellere Capital Fund III, L.P.
  • Excellere Capital Fund IV, L.P.
  • Exeter Core Industrial Club Fund II, L.P.
  • Exeter Industrial Core Fund III, LP
  • Fairview Capstone Partners II, LP
  • Fairview Capstone Partners, LP
  • Farallon Capital Inst. Partners, L.P.
  • Focus Senior Housing Fund I LP
  • Gleacher Mezzanine Fund II, LP
  • GOF II Feeder B, L.P.
  • Golden Tree NJ Distressed Fund
  • Golden Tree Opportunities LP-Class D
  • GoldenTree NJ Distressed Fund 2015 GP LLC
  • GoldenTree NJ Distressed Fund 2015 GP LLC - Second Vintage
  • GP Equity Stakes
  • Grosvenor/NJDI Emerging Opp
  • Grosvenor/NJDI Emerging Opp (2007)
  • Grosvenor/NJDI Emerging Opp (2008)
  • Grosvenor/NJDI Investment Fund
  • Grosvenor/NJDI Investment Fund 2006
  • Grosvenor/NJDI Investment Fund 2008
  • GSO Capital Opportunities Fund II, LP
  • GSO Capital Opportunities Fund, L.P.
  • GSO Credit Pa+R[16]Crtners - A, L.P.
  • GSO Energy Partners - A, L.P.
  • GSO Special Situations Fund, L.P.
  • Hammes Partners II, L.P.
  • Hammes Partners III, L.P.
  • Hammes Partners IV
  • Heitman America Real Estate Trust, L.P.
  • Hellman & Friedman Capital Partners VI
  • Hellman & Friedman Capital Partners VIII, L.P.
  • Hellman & Friedman Capital Partners X, L.P.
  • HIG Bayside Debt & LBO II
  • Hitecvision VII, L.P. (NZAM)
  • Homestead Capital USA Farmland Fund III, L.P
  • Iguazu Partners, L.P.
  • IPI Partners II-A, L.P.
  • JLL Partners Fund VI, LP
  • JLL Partners Fund VIII, L.P.
  • JLL Partners VII, LP
  • Khosla Ventures IV, L.P.
  • King Street Capital
  • Knight TAO, L.P. (NZAM)
  • Knight/Sixth Street NPL-C
  • Knight/Sixth Street NPL-R
  • KPS Special Situations Fund III, LP
  • KPS Special Situations Fund IV, LP
  • KSL Capital Partners IV-A, L.P.
  • KSL Capital Partners V, L.P.
  • Laurion Capital Ltd.
  • Lexington Capital Partners VI-B
  • Lindsay Goldberg III, L.P.
  • Lone Star Fund VII (U.S.) LP
  • Lone Star Real Estate Fund II (U.S.) LP
  • Lynx Common (Bermuda) Ltd.
  • M&G Real Estate Debt Fund II, LP (NZAM, Climate Action 100+)
  • M&G Real Estate Debt Fund III, LP (NZAM, Climate Action 100+)
  • Magenta Fund Ltd.
  • MARK European Retail Partners II, LP.
  • Marlin Equity Partners IV
  • MatlinPatterson Global Opps. Ptnrs. III
  • MBK Partners Fund IV, L.P.
  • MBK Partners Fund V, L.P.
  • MHR Institutional Partners III, L.P.
  • MHR Institutional Partners IV, L.P.
  • NB/NJ Custom Investment Fund
  • NB/NJ Custom Investment Fund II
  • NB/NJ Custom Investment Fund III, LP
  • New Jersey Asia Investors II, L.P.
  • New Jersey Asia Investors III, L.P.
  • New Jersey Asia Investors, L.P.
  • New Mountain Partners III, L.P.
  • Newstone Capital Partners II, L.P.
  • NJ Roark Co-Invest Fund III LLC
  • NJ/HV Resource Opportunities, L.P.
  • NJ/TCW Direct Lending LLC
  • NJHL European BO Investment II Series B
  • NJHL European Buyout Investment Series A
  • NJHL European Buyout Investment Series C
  • Northwood RE Partners L.P., (Series III)
  • Northwood RE Partners L.P., (Series IV)
  • Northwood Real Estate Co-Invest
  • Oak Hill Capital Partners II, L.P.
  • Oak Hill Capital Partners III, L.P.
  • Onex Partners II, LP
  • Onex Partners III, LP
  • Onex Partners IV, LP
  • Onex Partners V-B, L.P.
  • Owl Rock Capital Technology Finance Corp.
  • Partners Group Secondary 2006 LP
  • Partners Group Secondary 2008, L.P.
  • Peg Pooled Venture Capital VC Institutional III
  • Perella Weinberg Real Estate Fund II LP
  • Perella Weinberg Real Estate Fund III LP
  • Prime Property Fund
  • PRISA II
  • PRISA Real Estate Separate Account
  • Prologis European Logistics Fund
  • Quadrangle Capital Partners II
  • RE Capital Asia Partners III, L.P.
  • RE Capital Asia Partners IV, L.P.
  • Reservoir Strategic Partners Fund, LP
  • Roark Capital Partners III L.P.
  • RRJ Capital Master Fund III, L.P.
  • Sculptor NJ Private Opportunities, LP
  • Sculptor NJ RE Opportunities, LP
  • Sculptor RE Credit Parallel Fund B, LP
  • Sculptor RE Parallel Fund III E, LP
  • Sculptor SC II, LP
  • Sculptor SC, LP
  • Secondaries
  • Siguler Guff NJ Developing Mkt Fund, LP
  • Silver Lake Partners III, LP
  • Silver Lake Partners IV
  • Silver Lake Partners VI, L.P.
  • Sixth Street Opportunities III A LP
  • Solus Opportunities Fund 3, LP
  • SONJ FAIR, L.P.
  • SONJ Private Opportunities Fund II, L.P.
  • Stellex Capital Partners II LP
  • Sterling Capital Partners IV, L.P.
  • Stonepeak Global Renewables Fund LP (NZAM)
  • Stonepeak Infrastructure Fund III LP (NZAM)
  • Stonepeak Infrastructure Fund IV LP (NZAM)
  • Strategic Value Special Situations Fund V, L.P.
  • Sycamore Partners III, L.P.
  • TCV VIII, L.P.
  • TCW Direct Lending LLC
  • Tenaska Power Fund II, L.P.
  • Tenaya Capital VI, L.P.
  • Tenex Capital Partners II, LP
  • Tenex Capital Partners LP - Secondary
  • Tenex Capital Partners, L.P.
  • TGM Apartment Partners
  • The Rise Fund (A), L.P.
  • The Rise Fund II, L.P.
  • TPG [STAR], LP
  • TPG Financial Partners, L.P.
  • TPG Growth II, L.P.
  • TPG Growth III(A), L.P.
  • TPG Growth IV, L.P
  • TPG Growth V, L.P.
  • TPG Opportunities Partners II, L.P.
  • TPG Partners V, L.P.
  • TPG Partners VI, L.P.
  • TPG Real Estate Partners II, L.P.
  • TPG Real Estate Partners III, L.P.
  • TPG Real Estate Thematic Advantage Core Plus JV (III) L.P.
  • TPG Rise Climate, L.P.
  • TPG/NJ (RE) Partnership, LP
  • True North Real Estate Fund III, LP
  • TSG 7 A L.P.
  • TSG 7 B L.P.
  • TSG8, L.P.
  • Tucker Development/Acquisition Fund
  • Vista Co-Invest Fund 2017-3, L.P. (NZAM)
  • Vista Equity Partners Fund III, L.P. (NZAM)
  • Vista Equity Partners Fund IV, L.P. (NZAM)
  • Vista Equity Partners Fund V, L.P. (NZAM)
  • Vista Equity Partners Fund VI, L.P. (NZAM)
  • Vista Equity Partners Fund VII, L.P. (NZAM)
  • Vista Foundation Fund II, L.P. (NZAM)
  • Vista Foundation Fund III, L.P. (NZAM)
  • Vista Foundation Fund IV, L.P. (NZAM)
  • Warburg Pincus China-Southeast Asia II, L.P.
  • Warburg Pincus China, L.P.
  • Warburg Pincus Energy, L.P.
  • Warburg Pincus Private Equity IX, LP
  • Warburg Pincus Private Equity X, LP
  • Warburg Pincus Private Equity XI, LP
  • Welsh, Carson, Anderson & Stowe XI, L.P.
  • Westbrook Real Estate Fund VIII
  • Westbrook VII
  • Wheelock SREF NJ CO-Invest Feeder, LP
  • Wheelock Street Real Estate Fund II, L.P.
  • Wheelock Street Real Estate Fund V, L.P
  • Wheelock Street Real Estate Fund, L.P.
  • Winton Futures Fund
  • WLR Recovery Fund IV, LP
  • Woodley Park NJ, L.P.
  • Woodley Park NJ, L.P. (FAIR Program)

Governance and accountability

This section features information about the ten-member board of trustees that oversees the New Jersey Teachers' Pension and Annuity Fund. The board is specific to oversight of the New Jersey Teachers' Pension and Annuity Fund and does not exercise oversight duties for other state funds.[6]

Board selection method

The board of trustees that oversees the New Jersey Teachers' Pension and Annuity Fund is made up of ten members:[6]

  • One state treasurer's representative
  • Two governor’s appointees
  • Three teachers
  • One person elected by the board
  • One legal advisor
  • One secretary
  • One assistant secretary

Board of trustees membership

A ten-member board of trustees oversees the operation and administration of the New Jersey Teachers' Pension and Annuity Fund. The following individuals served on the board as of August 2024:[6]

  • Irene Savicky, chair
  • Howard Lipoff, vice chair
  • Edward Yarusinsky
  • Glenn Kitley
  • Sarah M. Favinger
  • Danielle Schimmel
  • Payal Ved
  • Saretta Dudley
  • Darlene Brigante

Note: there is one vacancy as of August 22, 2024.

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 NJ.gov, Teachers' Pension and Annuity Fund of New Jersey, Actuarial Valuation Report as of July 1, 2023," accessed August 22, 2023
  2. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  3. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  4. ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
  5. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  6. ↑ 6.0 6.1 6.2 NJ.gov/, “Board of Trustees & Commission Meeting Dates and Agendas for 2024,” accessed August 22, 2024
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