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.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain Capital: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of