Thursday, 2 July 2015
Last updated 1 hour ago
Apr 23 2007 | 1:04pm ET
The New Jersey Division of Investment has recommended a handful of managers to handle new hedge fund and private equity allocations.
The pension system is aiming to allocate a total of $625 million to two funds of hedge funds and three single-strategy managers, and a total of $325 million to four private equity funds, according to a due diligence memo penned by director William Clark to the system’s investment council.
The Garden State is to proposing an investment of $100 million each in two Blackstone funds of funds strategies: Pacific Opportunities Strategy and an Emerging Markets Strategy.
The system is also looking to make a $150 million commitment to a fund of funds to be managed by Protégé Partners, which was founded by Jeffrey Tarrant and Ted Siedes in July 2002. The New York-based firm currently manages $2.2 billion and invests in smaller, niche funds and also seeds managers. Protégé targets 50% of investments in directional, 25% in relative value and 25% in event driven managers worldwide.
New Jersey’s proposed direct investments in single-strategy managers include a $75 million commitment to the Ascend Partners Fund II, which is a 1.5x levered version of the firm’s fundamental equity long/short strategy.
The pension system is also allocating $150 million to Farallon Capital Institutional Partners, a multi-strategy fund, and $50 million to Omega Overseas Partners Ltd Class B, a long/short equity fund.
On the private equity front, the system is making a $100 million commitment to Avenue Special Situations Fund V and a $50 million commitment to KPS Special Situations Fund III. Both funds focus on U.S. stressed and distressed opportunities.
Finally, a $100 million commitment is being made to MatlinPatterson Global Opportunities Partners, a global distressed fund, and a $75 million commitment to Thomas H. Lee Equity Partners VI, a growth-oriented buyout fund.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…