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New Jersey Police and Firemen's Retirement System (PFRSNJ)
PFRSNJ is a $33B public pension for NJ police and firefighters, investing in real estate, private credit, and infrastructure.
New Jersey Police and Firemen's Retirement System (PFRSNJ)
The New Jersey Police and Firemen's Retirement System (PFRSNJ) was established as a defined-benefit public pension for state and local police officers and firefighters. Its board includes union representatives from the NJ State Policemen's Benevolent Association and the NJ State Firefighters Mutual Benevolent Association. The fund's assets are managed under the oversight of Executive Director Gregory Petzold and CIO/CFO Mark Schafer. PFRSNJ allocates capital across multiple asset classes including real estate, private credit, and fixed income. Its real estate portfolio includes positions in Aermont Capital Real Estate Fund IV (Europe-focused), Blackstone Property Partners (global commercial), Exeter Industrial Core Fund III (US industrial), Hammes Partners IV (US commercial), and Northwood Real Estate Partners Series IV (global mixed-use). The fund also participates in multi-asset credit strategies. Geographic exposure spans the United States and Europe through these partnerships. The system is funded by contributions from active members and participating employers, with investment returns covering the remainder. The New Jersey Division of Investment historically managed PFRSNJ assets alongside other state pension funds, but a 2024 statutory change carved PFRSNJ into a separate investment entity. The fund has a relationship with the Net Zero Asset Managers Initiative and Climate Action 100+, signaling an active posture on climate risk integration. PFRSNJ's structural differentiator is its recent separation from the New Jersey Division of Investment, a rare move that gives the pension independent control over its investment strategy and manager selection. This governance change, effective in 2024, allows the fund to build a dedicated internal team distinct from the pooled state pension apparatus.
General information
Firm type
Pension Fund
Year founded
—
AUM
$33.1B (Altss estimate)
Location
Region
North America
Country
United States
City
Trenton
Corporate office
Trenton, NJ, United States
Principals
Gregory Petzold
Executive Director
Mark Schafer
Chief Investment Officer and Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at PFRSNJ?
Executive Director Gregory Petzold and Chief Investment Officer/Chief Financial Officer Mark Schafer lead the investment team. The board includes representatives from the state's police and firefighters unions (per public record).
What is the relationship between PFRSNJ and the New Jersey Division of Investment?
As of 2024, PFRSNJ is a separate investment entity independent of the Division of Investment. Previously, the Division managed PFRSNJ's assets alongside other state pension funds (per New Jersey state legislation, 2024).
What asset classes does PFRSNJ invest in?
The fund allocates to real estate, multi-asset credit, and infrastructure. Its real estate holdings include funds managed by Aermont Capital, Blackstone, Exeter, Hammes, and Northwood (per public disclosures).
Does PFRSNJ invest directly or through external managers?
PFRSNJ primarily invests through external fund managers, as evidenced by its positions in commingled real estate and credit vehicles. The fund does not publicly report direct co-investments.
What is the membership coverage of PFRSNJ?
The system covers approximately 150,000 active and retired police officers and firefighters in New Jersey, including state and local participants (per New Jersey pension data).
What is PFRSNJ's posture on climate risk?
The fund is a participant in Climate Action 100+ and maintains a relationship with the Net Zero Asset Managers Initiative, indicating engagement with climate-focused investment practices (per the fund's public affiliations).
How is the PFRSNJ board structured?
The board includes trustees appointed by the New Jersey State Policemen's Benevolent Association and the New Jersey State Firefighters Mutual Benevolent Association, reflecting union representation (per public record).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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