New Jersey Boosts Alts. Allocation By 14%

May 29 2012 | 8:29am ET

Thursday was a good day in the Garden State for alternative investments firms.

The New Jersey State Investment Council voted to increase the state's $72.4 billion public pension fund's alternatives allocation to 29.7%, from 26%. The change at the Division of Investment will take effect on July 1.

The move brings the Division closer to the 33.2% target allocation for alternatives, although its actual allocation is just 21.5% presently, Pensions & Investments reports.

Hedge funds will be the biggest beneficiary of the move, with their target allocation growing from 10% to 12.5%. Private equity got a 10% boost to 7.7%, as did real estate, to 5.5%.

The Council also voted to commit $150 million to a Lazard Rathmore credit hedge fund and another $150 million to a pair of Northwood Investors funds. It also approved a $20 million follow-on commitment to Tenex Capital Partners, a private equity firm.


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