New Jersey Hires BlueCrest, Claren Road, Cadian

Mar 28 2012 | 11:33am ET

New Jersey's state pension funds continue to move towards their goal of doubling their hedge fund allocation, with $450 million in new mandates handed out last week.

The New Jersey State Investment Council awarded $200 million to BlueCrest Capital Management, $150 million to Claren Road Asset Management and $100 million to Cadian Capital Management, HFMWeek reports. The hires bring to eight the number of hedge funds added to the Garden State's portfolio over the past year, after the public pension systems increased their hedge fund allocation from 5% to 10%.

Just last month, the $74.7 billion systems awarded $150 million each to Bay Pond Partners and Cevian Capital.

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