Sunday, 2 August 2015
Last updated 1 day ago
Dec 12 2011 | 12:54pm ET
New Jersey's public pension funds may play Santa Claus at the Blackstone Group's holiday party this year.
The New Jersey Division of Investment is considering mandates totaling $1.8 billion to the alternative investments giant. Most of the money, $1.5 billion, would go to four managed accounts, with the remaining $300 million invested in three of Blackstone's funds.
The proposed investments offer the New Jersey pensions "significant benefits," among them fee discounts, saving the pensions $122 million over the life of the deal, "the largest single-year commitment by any investor in Blackstone's history," a spokesman for the firm said. Blackstone is already New Jersey's largest alternative manager with $1.1 billion in commitments.
Up to $1 billion of the pension's money will be invested in buyouts and real assets, with $500 million going into energy and credit managed accounts run by Blackstone's credit hedge fund unit, GSO Capital Partners. In addition, New Jersey will invest $150 million in Blackstone Energy Partners I, $100 million in GSO Special Situation and $50 million in Blackstone Capital Partners VI.
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…