Garden State Increasing Allocation To Alternatives

Sep 8 2006 | 12:00am ET

New Jersey’s state pension funds are set to nearly triple their allocations to alternatives in the coming year, including a 475% increase in hedge fund allocations.

Under a new investment plan adopted in July, an additional $3.8 billion in Garden State pension funds is set to flow into hedge funds, where the state currently parks $800 million. Of that amount, no more than $2 billion is to be invested in funds-of-hedge funds.

Private equity is also getting a big boost, as the allocation to this asset class will almost double from $2.2 billion last year to $4.1 billion in the fiscal year ending June 30, 2007.

Direct real-estate investments will also increase, roughly threefold, to $1.75 billion.
The New Jersey State Pension Fund has $74 billion in assets.

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