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

MiFID2 For U.S. Firms: Key Questions Answered

Feb 27 2017 | 4:54pm ET

The January 2018 deadline for implementation of the EU’s mammoth MiFID2 regulations...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of