Tuesday, 21 October 2014
Last updated 10 hours ago
Jan 29 2008 | 6:00am ET
The $81 billion New Jersey Investment Council is looking to commit a total of $6 billion to private equity, real estate and hedge funds by June, FINalternatives has learned.
In an internal memo to the state’s investment council, investment director William Clark is recommending a total of $1.7 billion be invested directly into hedge funds, with 24% allocated to long/short funds, 21% to distressed strategies, 21% to multi-strategy funds, 19% to credit strategies and 15% to event-driven funds.
A further $250 million has been committed to funds of hedge funds, and the council is seeking further exposure to activist and emerging hedge fund managers. Clark wrote, “Most academic studies support the contention that smaller, less established hedge funds tend to generate superior returns.”
The fund’s hedge fund portfolio last year gained an estimated 11.9% specifically on the strength of its fund of hedge funds portfolio managed specifically by Goldman Sachs and Protégé Partners and its direct hedge fund investment in Archipelago Partners managed by Wellington Management.
On the p.e. front, Clark recommends making larger commitments to general partnerships while reducing the number of its exposure that “may reduce investment returns.” The fund is also looking to rev up its exposure to alternative energy private equity funds to the tune of $100 to $200 million.
Clark last week the fund may team up with p.e. firms, sovereign wealth funds and other institutional investors on new deals and invest in p.e. firms directly.
The fund’s total investment in alternatives is $7.6 billion, or 9.38% of the total portfolio as of the end of December.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...