The $75 billion New Jersey Division of Investment has made an additional $75 million commitment to a California-based long/short equity hedge fund run by Ascend Capital.
Ascend Partners Fund II is the latest hedge fund allocation for the state investment programme that recently allocated to Och Ziff Structured Credit in a separate account. The New Jersey Division of Investment is likely to continue adding on to its hedge fund portfolio to meet its long-term target allocation of 15%. The investment consultant assisting the state is Cliffwater.
Ascend is a $3.2 billion long/short equity hedge