Sunday, 29 March 2015
Last updated 1 day ago
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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…