N.J. Admin. Code § 17:16-71.1
The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Co-investment" means two parties (usually the limited partner and the general partner of a fund) invest alongside each other in the same company, portfolio, or property. If an investor in a fund has co-investment rights, it can invest directly in a company, portfolio, or property in which the fund also invests. The investor, therefore, ends up with two separate stakes - one indirectly through the fund; one directly in the company, portfolio, or property. Co-investment may also include multiple like-minded institutional investors investing in a specific company, portfolio, or property.
"Commingled funds" means all open-end and closed-end pooled investment vehicles. A commingled fund may be organized as a group trust, partnership, limited liability company, corporation, insurance company separate account, or other multiple ownership entity. An investment in a commingled fund may take the form of an investment in the fund or in the trustee, general partner, or other managing member of such fund.
"Commodity-linked investments" means equity or debt investments from which all or a portion of the return is linked to the price of a particular commodity or equity security, or to an index of such prices. These include commodity-indexed deposits, loans, debt issues, and derivative products, such as forwards, futures, options, and swaps. In these transactions, the interest, principal, or both, or payment streams in the case of swaps, are linked to the price of a commodity.
"Commodity-related investments" mean equity or debt investments in the exploration, production, processing, transportation, storage, or trading of commodities, or other similar activities.
"Common stock" means shares of stock, other than preferred stock, representing ownership in a corporation or other form of legal entity.
"Convertible debt issue" means a debt obligation of any corporation or other form of legal entity which is convertible into the common stock of the entity.
"Convertible preferred stock" means preferred stock of any corporation or other form of legal entity which is convertible into the common stock of the entity.
"Core real estate" means investments in existing, stabilized (meaning at least 80 percent occupied), well-leased assets.
"Direct investment" means the purchase of an interest in a company or venture directly by an eligible fund, rather than through an investment vehicle.
"East" means Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, New Jersey, New York, Pennsylvania, Delaware, Kentucky, Maryland, North Carolina, South Carolina, Virginia, Washington D.C. and West Virginia.
"Exchange-traded funds" mean funds that invest in underlying securities that track a predetermined index or strategy, a commodity, or a basket of assets, and whose shares can be traded like shares of common stock.
"Funds-of-funds" means funds set up to distribute investments among a selection of fund managers, who in turn invest the capital directly.
"Joint venture" means a contractual agreement joining two or more parties for the purpose of executing a particular undertaking. All parties agree to share in the profits and losses of the enterprise. Joint ventures are usually private.
"Midwest" means Illinois, Indiana, Michigan, Ohio, Wisconsin, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.
"Non-core real estate" means value-added or opportunistic strategies, including direct property investment with lease-up, development, or redevelopment risk. Non-core real estate includes recapitalizations across capital structures and property types and access to niche markets.
"Preferred stock" means shares of stock which provide a dividend that is paid before any dividends are paid to holders of common stock and additional rights above and beyond those conferred by common stock.
"Private placement" means a negotiated sale in which the securities are sold directly to institutional or private investors, rather than through a public offering registered with the U.S. Securities and Exchange Commission or applicable foreign regulatory body. Private placement includes the sale of securities pursuant to Section 4(2), Regulation D, Regulation S, or Rule 144A under the Securities Act of 1933, as amended.
"Real asset investments" mean equity or debt investments in real estate, infrastructure, energy, utilities, water, timber, agriculture, metals, mining and royalty trusts, and commodity-related and commodity-linked investments. Real asset investments include investments in products, services, and technology related to the above.
"Real estate" includes core real estate and non-core real estate.
"Royalty trusts" mean investments that generate an income stream for investors; these primarily include natural resource assets, and pharmaceuticals and medical devices.
"Separate account" means an investment vehicle with a single investor that is unaffiliated with its sponsor or manager.
"South" means Alabama, Florida, Georgia, Mississippi, Tennessee, Arkansas, Louisiana, Oklahoma and Texas.
"West" means Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming, Alaska, California, Hawaii, Oregon and Washington.
N.J. Admin. Code § 17:16-71.1
See: 38 N.J.R. 1176(a), 38 N.J.R. 2731(b).
In definition "Co-investment", inserted "portfolio or property" at the end of the first and third sentences, substituted "portfolio or property in which the fund also invests" for "that is also backed by a fund" in the second sentence, deleted "in the company" following "stakes" in the third sentence and added new fourth sentence; inserted "primarily" in the first sentence of definition "Commingled funds"; in first sentence in definition "Commodity-linked investments", substituted "from" for "in" following "investments" and "to" for "in" following "linked"; added definitions "Core real estate" and "Non-core real estate"; substituted "directly by Common Pension Fund E, rather than through an investment vehicle" for "that has enough influence to direct the course of the investment. Direct investment usually avoids intermediaries between the buyer and the seller" in definition "Direct investment"; substituted "Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island" for "New England" in definition "East"; deleted last sentence in definition "Joint venture"; and inserted "Indiana" in definition "Midwest".
Amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
In definition "Real assets" deleted "(excluding publicly traded real estate investment trusts)" following "real estate"; and added definition "Real estate".
Amended by R.2008 d.242, effective 8/18/2008.
See: 40 N.J.R. 2095(a), 40 N.J.R. 4825(b).
In definition "Commingled funds", inserted the last sentence; added definitions "Common stocks", "Exchange-traded funds" and "Preferred stocks"; in definition "Direct investment", substituted "an eligible fund" for "Common Pension Fund E"; and in definition "Real assets", inserted "infrastructure," and inserted the last sentence.
Amended by R.2011 d.124, effective 4/18/2011.
See: 42 N.J.R. 2934(a), 43 N.J.R. 1038(a).
In definition "Real assets", inserted "farmland, precious metals,".
Amended by R.2012 d.120, effective 6/18/2012.
See: 44 N.J.R. 217(a), 44 N.J.R. 1784(b).
In definition "Commodity-linked investments", inserted "equity or debt" and "futures,"; added definition "Commodity-related investments"; in definition "Core real estate" deleted "equity" preceding "investments"; rewrote definition "Exchange-traded funds"; in definition "Non-core real estate", deleted "equity investments in" following "means" and inserted a comma following "development"; substituted definition "Real asset investments" for definition "Real assets" and definition "Royalty trusts" for definition "Royalty trust"; rewrote definition "Real asset investments"; and in definition "Royalty trusts", substituted "mean" for "means equity".
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
Rewrote definitions "Co-investment", "Commingled funds", "Exchange-traded funds", "Joint venture", and "Separate account"; substituted definition "Common stock" for definition "Common stocks" and definition "Preferred stock" for definition "Preferred stocks"; rewrote definitions "Common stock" and "Preferred stock"; and added definitions "Convertible debt issue", "Convertible preferred stock", "Funds-of-funds", and "Private placement.