Wednesday, 23 July 2014
Last updated 3 hours ago
Mar 19 2007 | 11:07am ET
The New Jersey Division of Investment is expanding its investments in alternatives, making a direct investment of $75 million in the Canyon Value Realization Fund and a $100 million commitment to Black River Multi-Strategy Leveraged Fund. In addition to the two hedge funds, the system is also committing a total of $425 million to four private equity funds.
New Jersey has committed $100 million to Court Square Capital Partners II, $25 million to InterMedia Partners VII, $200 million to a separate account managed by Goldman Sachs and $100 million to a separate account managed by Lehman Brothers.
The Canyon Fund has posted annualized return of 11.94% with a 7.06% standard deviation since inception, according to the Canyon Capital Partners, which manages $12.5 billion, $8.3 billion of which is in hedge funds. Black River employs 15 different strategies including fixed-income relative value, convertible bonds and derivatives and commodities, and has enjoyed an annualized net return of 12.38% since inception.
The four p.e. mandates give the system geographical diversification within its portfolio: Court Square and InterMedia Partners focus on the domestic middle-market buyout sector. The Goldman mandate gives the system a presence in the European middle-market buyout scene, while Lehman is charged with constructing a diversified portfolio of funds and direct investments that are either headquartered in New Jersey or have significant operations in the state.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…