Ex-Carlyle Partner Named Head Of N.J. Pension Plan

Sep 20 2010 | 1:25am ET

One alternatives investments veteran will replace another at the helm of New Jersey’s public pension funds.

Robert Grady, a former Carlyle Group partner, was elected chairman of the New Jersey State Investment Council. He succeeds Orin Kramer of Boston Provident Partners, who did not stand for reelection.

Grady, who now works as a managing director at Denver-based private equity firm Cheyenne Capital Fund, was appointed to the council by Gov. Chris Christie in May. He served as a budget adviser on Christie’s transition team and has chaired his Council of Economic Advisors since January.

Under Kramer, the $68.3 billion system has moved increasingly into alternative investments. That much appears not to be changing under Grady—the council last week voted to draft new rules that would allow it to invest up to 38% in alternatives. Currently, the plan has a 28% limit and invests 15% in the asset class.

“This would not necessarily increase New Jersey’s exposure to any alternatives by a nickel,” the outgoing Kramer said. “It would simply give the council flexibility.”


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of