Garden State Plots Hedge Fund, Private Equity Commitments

Jan 2 2008 | 10:59am ET

William Clark, director of the New Jersey State Investment Council, last month recommended the council make commitments to a pair of hedge funds and private equity funds.

According to an internal memo, Clark proposed a $75 million commitment to Level Global, to be managed by New York-based Level Global Investors and a $75 million commitment to Pendragon (Lancelot II) Fund, to be managed by Pendragon Capital in London.

SAC Capital veterans David Ganek and Anthony Chiasson founded Level Global Investors in 2003. The long/short hedge fund currently manages $3.1 billion in the technology and financials sectors. From August 2003 to October 2007, Level has an annualized net return of 14.43%, according to the memo.

Pendragon Capital manages $3.5 billion in an event driven strategy focused on European companies, particularly small and middle capitalization ones. The fund is diversified across 20 to 40 individual positions and since inception in 2000 through October, it has generated an annualized return of 12.97%.

On the p.e. front, Clark proposed committing $100 million commitment to The Resolute Fund II, a middle-market buyout fund, and $75 million commitment to Carlyle Mezzanine Partners II, a proposed re-up with the Carlyle Group's mezzanine team. New Jersey committed $50 million to CMP I, which thus far is “performing to plan.” CMP II will seek to follow the same strategy as Fund I, investing largely in the subordinated debt of middle-market companies.

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