Garden State May Increase Hedge Fund, Private Equity Investments

Mar 17 2010 | 12:34pm ET

New Jersey’s public pension manager is looking to hedge funds and other alternative investments to help it fill the growing gap between its assets and its promises.

Orin KramerOrin KramerThe New Jersey State Investment Council—headed by hedge fund manager Orin Kramer of Boston Provident Partners—may seek to pour more of its money into alternative investments, it said in its monthly report. Currently, the SIC cannot invest more than 28% of its assets in hedge funds, private equity funds and real-estate.

“We believe the markets will present compelling investment opportunities in many sectors of the alternative investment environment and would like greater flexibility to pursue these opportunities over the long term,” the council wrote.

That’s becoming increasingly important for the SIC, which manages money for seven New Jersey public pension funds, as the system is underfunded by some $46 billion.

The proposed increase in alternative investments would come at the expense of the SIC’s equity holdings, which currently account for 47% of its portfolio.

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