New Jersey Adds To Hedge Fund Portfolio

Mar 22 2010 | 2:25pm ET

New Jersey’s public pensions funds will pour $1.2 billion into alternative investments, a move that will increase their hedge fund exposure by almost a quarter.

The New Jersey State Investment Council approved allocations of $100 million apiece to new hedge funds managed by Brevan Howard Asset Management and Pershing Square Capital Management. It also added $250 million to funds of hedge funds managed by Goldman Sachs Asset Management and Rock Creek Group; the former now manages $597 million for the Garden State, and the latter $494 million.

The new and expanded commitments bring to $3.6 billion New Jersey’s hedge fund portfolio. The SIC manages $67.3 billion.

New Jersey also allocated $500 million to commodity-linked notes. Cargill will receive $150 million of it, with the rest going to one or more new CLNs.


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