Garden State, Lehman Form Private Equity Fund

Sep 7 2007 | 10:07am ET

The Garden State and Lehman Brothers have formed the New Jersey Directed Investment Fund, a $105 million private equity vehicle designed to make private equity investments while driving economic growth on the other side of the Hudson.

Lehman Brothers will act as the fund’s general partner and invest through its global p.e. business. The New Jersey Directed Investment Fund will invest in other p.e. funds and 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,” said William Clark, director of investment for the state’s Treasury Dept. “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.”

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