Garden State Makes Hedge Fund, Private Equity Commitments

Sep 29 2008 | 1:09pm ET

The New Jersey State Investment Council is committing a total of $250 million to a trio of private equity and hedge funds.

The $76 billion pension plan is allocating $75 million to LIM Asia Arbitrage Fund, to be managed by LIM Advisors in Hong Kong, according to an internal memo. The LIM fund employs relative value, convertible bond arbitrage, event-driven, merger arbitrage, high yield and other arbitrage strategies.

The fund is diversified across over 200 individual positions, and the top 10 names account for 20% of the fund’s assets. The majority of the fund’s country exposures are in Japan, Korea, Hong Kong, Indonesia, China and Singapore. Since inception in August 2004 through May 2008, the fund has generated an annualized return of 9.58% with volatility of 5.71%.

LIM Advisors was founded by George Long in 1995 and currently has $1.4 billion in assets under management.

In addition, the pension is making two private equity commitments: a $75 million commitment to Partners Group Secondary Fund 2008, a secondary buyout fund, and a $100 million commitment to WCAS XI, a middle-market buy-out fund.

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