Goldman, NorthStar Purchase Private Equity Funds From N.J.

NEW YORK ( TheStreet) -- Goldman Sachs ( GS) and NorthStar Realty Finance ( NRF) agreed acquire 25 real estate private equity funds from the New Jersey State Pension Fund.

Goldman and NorthStar, a real estate investment trust, will pay $925 million for the assets, which equals their net asset value as of Sept. 30, 2012. The funds own various positions of real estate debt and equity primarily in the U.S., according to Timothy Walsh, director of the New Jersey state treasury's division of investment.

NorthStar did not disclose details about the funds in a filing Wednesday announcing the sale, and Walsh says the state of New Jersey will not do so until its next board meeting on July 11.

Shares of NorthStar were up 5.65% in early trading Thursday to $8.79.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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