Wednesday, 2 September 2015
Last updated 25 min ago
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.”
May 27 2015 | 2:15pm ET
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