The New Jersey Division of Investment added another $40 million to the existing mandate for the Centerbridge Credit Partners Fund, according to meeting documents.
The $70 billion public fund originally made a $100 million allocation to Centerbridge for its existing distressed private equity fund in 2007. The hedge fund portfolio, which has been broadened to ultimately total 15% of the portfolio, returned 6.2% for the year ended 31 October.
The state pension fund began a search for a specialist consultant in the area of hedge funds in 2010. The RFP specified the need