Tuesday, 1 December 2015
Last updated 2 hours ago
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.
The 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…