New Jersey Division of Investment is looking to make a $100 million pledge to TPG Real Estate's TPG Real Estate Partners III opportunity fund, IPE Real Assets reported, citing a board meeting document.

The fund will buy or construct real estate-related operating companies or entities that manage underlying real estate assets. It will mainly aim for investments between $100 million and $300 million, but will also make smaller equity investments to acquire platforms.

According to the report, TPG did not respond to calls for comment.