Institutional Investors

NJ to cherry-pick from Mass PRIM’s hedge fund holdings


New Jersey State House
New Jersey Division of Investment is set to benefit from the liquidation of another large state plan’s hedge fund holdings, while increasing its own allocation to the asset class. Recently the $49 billion Massachusetts PRIM Board announced it would unwind its hedge fund holdings, finishing its relationship with Arden Asset Management, Grosvenor Capital Management, Rock Creek Group and K2 Advisors.

With Arden Asset Management appointed to manage the liquidation, the New Jersey pension fund is able to pick the holdings it would like to have. Director Timothy Walsh has proposed an