Tuesday, 28 June 2016
Last updated 52 min ago
Jul 9 2014 | 6:16am ET
New Jersey’s main public-pension manager is looking for help overseeing its alternative investments.
The New Jersey Division of Investment plans to hire as many as three senior investment professionals to help manage its hedge fund, private equity, real estate and real assets portfolios, Director Chris McDonough told Reuters Buyouts magazine. In addition, the $79 billion plan may seek managers to run separate accounts.
The alts. managers will be charged with sourcing, due diligence, hammering out partnership agreements, managing consultant relationships and presenting recommendations to the New Jersey State Investment Counsel. The division is accepting applications through the end of the month, and hopes to have the new hires on board by the end of September.
After the current search is completed, McDonough said the division will mull adding new separate accounts.
“We will consider doing another, or another two, if the opportunity presents itself, but expanding the staff is something we want to focus on right now,” he said.