New Jersey Boosts Centerbridge After Centerbridge Boosts N.J.

Jan 13 2011 | 1:18pm ET

The New Jersey Division of Investment is rewarding Centerbridge Partners for its strong performance over the past three years.

The $70 billion public pension fund made a $40 million follow-up investment to the firm’s Credit Partners fund on Jan. 1. Division director Timothy Walsh told the state’s Investment Council that the Centerbridge fund is “one of our best performing hedge funds,” having returned a cumulative 47% since the pension first invested $100 million in November 2007.

Certainly, the Centerbridge investment did not seem one of the Garden State’s best early on: It lost 23.3% in 2008. But the fund “rebounded nicely,” returning 62.5% in 2009 and 17.4% through October 2010.

The Centerbridge investment helped the pension return 8.7% in the second half, just ahead of its 8.53% benchmark. The Division’s returns were 13.4% in the previous fiscal year, which ended in June.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note