Shoaib Khan, CIO and director of the New Jersey Division of Investment, says re-ups and new opportunities are being looked at on equal footing, despite being spared liquidity concerns.

Even as many LPs anxiously wait for private equity exit markets to burst forth from their sluggish state, Shoaib Khan sees opportunity. The roughly $85 billion system, which manages seven pools of pension capital, is leaning on deliberate, long-standing underweights in private equity and significant cash reserves to breeze through a rough cycle for distributions.

This positioning allows the fund to maintain discipline while peers face pressure to deploy capital or meet distribution targets. Khan's approach reflects a patient strategy focused on long-term value creation rather than chasing short-term liquidity.