PNC Realty Investment Group (PNCRA), the largest real estate investment trust in the U.S., will receive $10 million in new funds from New Jersey Governor Chris Christie, who is expected to announce the fund’s creation on Wednesday.PNC will be the largest investment trust with $20 billion in assets.
Pristina-based PNCRA, based in Pristina, is one of the world’s largest private equity firms, with assets worth $70 billion.
It has invested in a number of high-profile companies in the past, including UnitedHealth Group, American Airlines Group, and Citigroup.
It was acquired by the Carlyle Group in 2014.
The governor has also pledged $1.8 billion in additional funds for the trust, which has $1 billion in cash.
The governor will use $1 million from the fund to hire two additional people to run the trust.
PricewaterhouseCoopers (PwC), the New York-based consulting firm, will also be getting $2 million from Christie, the governor announced on Wednesday, the state’s first such payment.
PwCs investment portfolio is valued at $9.5 billion, with the bulk of its assets in the $5.9 billion to $5 billion range.
It is based in New York and New Jersey.PWC will also receive a $1,000 check from Christie to reimburse the trust for certain expenses, including an additional $300,000 in salary, $300 of which will go to Christie’s staff.
The state will also provide $500,000 to the trust’s board of directors.
“Pwc’s financial and operational performance has been strong over the past few years, with a number-one ranking among the best in the world,” Christie said in a statement.
“This new investment is an important addition to the PNC portfolio, which is growing and expanding year-over-year.”
“I am thrilled to announce that PNC’s new Governor Christie will personally designate $10 Million for a New Jersey governor to invest in the Pnc Realty Trust, and this investment will help PNC grow and create jobs,” said PwC Chief Financial Officer Michael Baca.
“I believe PNC has a solid investment portfolio that will help it reach its financial goals and continue to deliver the best services in the industry.”
The governor will also announce that the Pincus Fund will be merged with PNCREIT, the investment firm created by Christie and PwCs former CEO.
The merger will create the PINCUS Fund.
PncREIT will also get $1-million from the Christie administration to pay for its expenses, the New Hampshire governor said.
Pincushion, which manages more than $30 billion in real estate investments, also will receive a one-time payment of $500 million to offset the impact of the merger.
Pincushions capital allocation was $13.7 billion last year, according to the New Haven Register.
PNCReIT’s investment portfolio included $4.9 trillion in assets, according a press release from the governor’s office.