The New Jersey State Investment Council is expected to approve plans at its monthly meeting to boost the hedge fund allocation to 15% from 7% of the state’s $68 billion pension fund.
The move is significant for a pension fund that only started allocating to hedge funds in 2006. Earlier in the year, the State Investment Council boosted the percentage allocated to hedge funds to 7% from 6.5% due to anticipated funding of new global macro strategies. The actual hedge fund portfolio currently totals roughly $3 billion or 4.3%.
This month’s meeting of trustees is also significant as