Institutional Investors

New Jersey ups hedge fund allocation to protect portfolio


The $67 billion New Jersey Division of Investment is increasing its hedge fund portfolio in order to protect its portfolio from future stock market losses.

Rock Creek and Goldman Sachs each received additional allocations of $250 million each. The objective was to reduce equity exposure relative to hedge funds quickly, according to Orin Kramer, chairman of the New Jersey State Investment Council, which decided to increase the target allocations to hedge funds to 6.75% from 4.3%.

At the Investment Council's March meeting, direct allocations were approved to Brevan Howard